Adani Group takes over Mumbai International Airport

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Adani Airport Holdings had acquired 23.5 percent stake in the Mumbai International Airport Ltd from ACSA Global Ltd (ACSA) and Bid Services Division (Mauritius) Ltd (Bidvest) for Rs 1,685.25 crore, in February this year

Adani Group takes over Mumbai International Airport
Adani Airport Holdings Ltd (AAHL), Adani Group's flagship holding company has taken over Mumbai International Airport, the group's Chairman Gautam Adani said on July 13. "We are delighted to take over management of the world class Mumbai International Airport. We promise to make Mumbai proud. The Adani Group will build an airport ecosystem of the future for business, leisure and entertainment. We will create thousands of new local jobs," the 59-year-old said on Twitter.
AAHL had acquired 23.5 percent stake in the Mumbai International Airport Ltd from ACSA Global Ltd (ACSA) and Bid Services Division (Mauritius) Ltd (Bidvest) for Rs 1,685.25 crore, in February this year.
On February 8, Adani Enterprises said in a regulatory filing that AAHL had acquired 28.20 crore equity shares of MIAL.
"Adani Airport Holdings Ltd has acquired 23.5 percent equity stake i.e. 28,20,00,000 equity shares of Rs 10 of Mumbai International Airport Ltd from ACSA Global Ltd and Bid Services Division (Mauritius) Ltd," the filing said.
Adani Group is now India's largest airport infrastructure company, accounting for 25 percent of airport footfalls. The company now controls 33 percent of India's air cargo traffic and is expected to commence construction of Navi Mumbai Airport in August 2021. The Navi Mumbai international airport is likely to be commissioned in 2024.
The Adani Group chairman said in statement, "Our larger objective is to reinvent airports as ecosystems that drive local economic development and act as the nuclei around which we can catalyse aviation-linked businesses. These include metropolitan developments that span entertainment facilities, ecommerce and logistics capabilities, aviation dependent industries, smart city developments, and other innovative business concepts," said Gautam Adani, Chairman of the Adani Group.
"Our airport expansion strategy is intended to help converge our nation's Tier 1 cities with the Tier 2 and Tier 3 cities in a hub and spoke model. This is fundamental to enabling a greater equalization of India’s urban–rural divide, as well as making international travel seamless and smooth. I believe that the economic value that cities create will be maximized around airports and the cities of tomorrow will be built with the airport as the focal point. This is a fundamental lever for modern world development and the rapid build-out of our airport infrastructure will create multiple employment structures that generate thousands of new job opportunities," he added.

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