The Adani Group takes over the management of Mumbai International Airport from the GVK Group.

On July 13, Adani Group Chairman Gautam Adani announced that the Adani Group has taken over management of Mumbai International Airport from the GVK Group.

Following a MIAL board meeting earlier on July 13, the Adani Airport Holdings Limited (AAHL) took over managerial control of MIAL from the GVK Group.

Gautam Adani stated: “We are thrilled to be taking over administration of the world-class Mumbai International Airport. We pledge to make Mumbai proud. The Adani Group will construct a future airport environment for business, leisure, and entertainment. We will create thousands of new local employment.”

The company said “By 2024 the addition of the Mumbai International Airport to the Adani Group’s existing portfolio of six airports, and later the opening of Navi Mumbai International Airport Limited (NMIAL) Greenfield offers the Adani Group an advanced airport for the interconnectivity of its B2B and B2C business.

The Navi Mumbai international airport is set to be built by AAHL next month and the financial closures will be completed within a period of 90 days. It is set to commission this new International Airport in 2024.

“Our overall goal is to redefine airports as ecosystems that foster local economic growth and operate as a nucleus for catalyzing aviation companies. Metropolitan advances include entertainment facilities, e-commerce, logistics, aviation sectors, smart city development and other new business concepts,” says Gautam Adani.

“Our goal for expansion at our airport aims at helping our nation’s Tier 1 cities converge in a model hub with the Tier 2 and Tier 3 cities. This is crucial for making India’s urban-rural gap more balanced and international travel simple and smooth. The economic value created by cities around airports and tomorrow’s cities, I believe, will be maximized and the focus will be the airport. This is a fundamental lever for modern world development, and the quick development of our airport infrastructure will provide many opportunities, generating thousands of new jobs.

AAHL, an Adani Enterprises wholly-owned company, purchased a 23.5 per cent stake in Mumbai International Airport (MIAL) from ACSA Global (ACSA) and Bid Services Division (Mauritius), or Bidvest, earlier this year for Rs 1,685.25 crore.

The acquisition of securities as part of the intention of the Adani Group to gain control of MIAL’s stack.

Adani Group had recently been given a license utilizing the public-private partnership (PPP) model to manage airports in Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram and Mangaluru.

AAHL, which is currently India’s largest airport infrastructure firm is responsible for 25% of airport footfalls and 33% of aviation cargo transportation in India.