By Anu Sharma Nov 2, 2020 9:29:16 PM IST (Published)
The Adani Group today took over the airport of Lucknow and has commenced commercial operations. The airport was a state-run airport operated by the Airports Authority of India (AAI).
The Adani Group today took over the airport of Lucknow and has commenced commercial operations. The airport was a state-run airport operated by the Airports Authority of India (AAI).
Recommended Articles
View All
This Microsoft project is enabling the digital presence of low-resource languages
Jan 30, 2023 IST7 Min(s) Read
CEOs, CXOs may see 9.1% salary hike, focus on performance-linked pay: Survey
Jan 30, 2023 IST4 Min(s) Read
Wizards of the Street | Cash is a depreciating asset and an opportunity, says Vijay Kedia
Jan 30, 2023 IST2 Min(s) Read
Prakash Javadekar — Challenging task in hand as Kerala in-charge of BJP
Jan 30, 2023 IST8 Min(s) Read
The Group has termed its airport experience as "#GatewayToGoodness". The concession agreement was signed on the midnight falling between Nov 1 and Nov 2.
As per concession agreement executed on 14th Feb'20, #AAI will hand over Lucknow Intl Airport @aailkoapt to @AdaniOnline for development & mgmt under PPP mode today at midnight. For next 3 months, senior AAI officials to assist the Group & AAI employees will continue for 3 years. pic.twitter.com/MeSfbeDcAb
— Airports Authority of India (@AAI_Official) November 1, 2020
Lucknow is one of the six state-run airports that have been awarded to Adani Group after the bidding process under the first phase of airport privatisation.
Adani Group is expected to take over Ahmedabad airport on November 7, sources aware of the development said.
The Gautam Adani-led conglomerate took over Mangalore airport on October 31.
The latest entrant was given a three-month extension to commence commercial operations at the airports by completing all conditions and financial closure by November 2020.
As per the original plan, Adani Group was to complete financial closure and start commercial operations within 180 days from February 14, 2020, when the AAI board approved the concession agreement between the statutory body and Adani Group. Hence, the earlier deadline was August 2020.
AAI had bid out six of its airports in 2019 and Adani Group had emerged as the highest bidder for all six airports. The Union Cabinet has also recently approved the bids of Jaipur, Trivandrum, and Guwahati.
Under a two-stage tender process, which concluded February 2019, Adani Group made entry into Indian aviation and emerged as the highest bidder for all six airports, quoting the highest per passenger fee to be paid to the AAI on a monthly basis.
In November 2018, the Union Cabinet had decided to privatise six airports to increase their efficiency and quality. The airports will be given a lease period of 50 years. To invite greater participation, prior airport experience was not among the mandatory bidding criteria.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!