Adani Airport Holdings Ltd. has a majority stake in the new airport and thus, primary control over it now.
In a major proprietorship realignment, the Maharashtra Government on Wednesday handed over the operating authority of the upcoming Navi Mumbai Internation Airport to the Adani Group. Earlier, the airport was being developed by GVI, which already runs the Mumbai International Airport Ltd (MIAL). While the tender of development was taken over the Adani Airport Holdings Ltd (AAHL) last year itself, the body now has a majority stake in the new airport and thus, authority over it.
Adani Group adds another feather to its hat
The Maharashtra government officials on Wednesday, relayed the state's decision to approve Adani's authority over the mega Navi Mumbai Airport project, coming up in the satellite Thane-Raigad region. The state cabinet, under the authority of the Chief Minister, green flagged AAHL as the new concessionaire to the prestigious greenfield airport, under the banner of its public-private partnership (PPP) model.
This progress comes in almost a year after the AAHL assumed the developmental rights over the new airport, by the approval of the Directorate of Civil Aviation, Airports Authority of India, SEBI, CCI and finally the CIDCO. With this, the AAHL has become the biggest private airport operator running several significant airports like Mumbai, Navi Mumbai (upcoming), Ahmedabad and Lucknow, besides three more likely in the near future.
Spearheaded by industrial tycoon Gautam Adani, AAHL, a wholly-owned subsidiary of the Adani Enterprises Ltd (AEHL), now has a majority stake in the new airport. On the other hand, the AAI owns about 26% of the stake as of now.
Navi Mumbai Airport is expected to operate flights from 2023-2024
The upcoming Navi Mumbai International Airport is set to span across 1,160 hectares of land in the Thane-Raigad region near the Mumbai metropolis. The entity is expected to become operational in 2023-2024 and is envisioned to be the country's leading airport terminal over the next decade, for both domestic and international services.