Adani Group controls 33 per cent of India’s air cargo traffic.
Adani Group on Tuesday said it has taken over the management of Mumbai international airport.
At a time when the aviation sector is going through an all-time low owing to the pandemic, the Adani Group has formally taken over the management of the Mumbai International Airport from the controls of the GVK Group.
With the addition of Mumbai airport, Adani Airport Holdings will now have control over 33% of India’s air cargo traffic. Adani Group will have 74% stake in Mumbai’s Chhatrapati Shivaji Maharaj International Airport, post the stake purchase transaction, with 50.5% being bought from GVK Group and 23.5% from minority partners including Airports Company South Africa (ACSA), and Bidvest Group.
Adani Airport Holdings believes that post-pandemic, air travel in India will see a surge. IATA has estimated growth in the global passenger traffic to 88 per cent of pre-Covid levels by 2022 and further exceed in 2023.
Adani Airport Holdings Ltd (AAHL), a subsidiary of Adani Enterprises Ltd, believes that post-pandemic, air travel in India will see a surge. IATA (International Air Transport Association) has estimated growth in the global passenger traffic to 88% of pre-Covid levels by 2022 and further exceed in 2023.
“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, e-commerce 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.”
