The company had earlier stated that it would invest a majority of the Rs 26,000-crore capex investment planned over five years into airports.
The Adani Group on Friday signed concession agreements with the Airports Authority of India (AAI) for the management and development of airports in Ahmedabad, Lucknow and Mangaluru. The agreement was signed between AAI and wholly-owned subsidiaries set up by the group to run these airports. Under the agreement, the Adani Group subsidiaries will hold management control over the airports for 50 years.
Late last year, the Cabinet had approved these three airports to be leased out on a public-private-partnership basis. The company had earlier stated that it would invest a majority of the Rs 26,000-crore capex investment planned over five years into airports. Until now, GMR and GVK Group have been two key players in the private space. The Adani Group last year came in with aggressive bids and won the privatisation contracts for six airports. In February 2019, the Adani Group emerged as the highest bidder for six airports run by the AAI in cities including Jaipur, Guwahati and Thiruvananthapuram. Last year, the group set up companies to operate these airports. The Adani Group is also engaged in legal tussle with the GVK Group over acquiring stake in Mumbai International Airport. Recently, the Adani Group lost out the bid for Jewar Airport in Uttar Pradesh to Switzerland’s Zurich Airport International.