The Centre may push the Airports Authority of India (AAI) to sell its minority stakes in Delhi and Mumbai airports this year as part of its strategy to recycle brownfield assets, sources said.

AAI holds a 26% stake each in Delhi International Airport Ltd (DIAL) and Mumbai International Airport Ltd (MIAL).

According to official sources, AAI’s stake sale plan has gained urgency amid fiscal pressures stemming from the US-Iran conflict. Geopolitical tensions and the oil supply shock have increased fertiliser subsidy requirements and created new spending commitments to cushion the impact on various sectors.

Under the National Monetisation Pipeline (NMP) 2.0, the Centre plans to divest AAI’s stake in one of its subsidiaries and four joint venture airports.

According to sources, the process for sale of AAI’s holdings in Delhi and Mumbai airports is likely to be taken up in the coming months. The government expects equity disinvestment from AAI under NMP 2.0 to generate about Rs 2,800 crore in FY27 and Rs 2,950 crore in FY28. The transactions are likely to be executed through private placements.

ALSO READ

Sources said investor interest is expected to be strong given the scale and earnings potential of both airports. DIAL, in which GMR Airports Ltd holds 64%, Germany’s Fraport AG 10% and AAI 26%, operates one of India’s busiest airports, handling around 65 million passengers in FY23 and 74 million in FY24. MIAL, 74% owned by the Adani Group, handled about 53 million passengers in FY24 and 55 million in FY25.

DIAL and MIAL manage the development, operations and commercial activities of Delhi and Mumbai airports respectively, excluding sovereign functions such as security, immigration and air traffic control.

Recent transactions suggest a healthy market for airport assets. In 2025, Fairfax India Holdings acquired an additional 10% stake in Bangalore International Airport Ltd (BIAL) from Siemens Project Ventures GmbH for $255 million (around Rs 2,116 crore). Earlier, in 2021, Adani Airport Holdings acquired a 23.5% stake in Mumbai airport from ACSA Global and Bid Services Division for Rs 1,685 crore.