Adani Group signs concession agreement for Ahmedabad, Lucknow, Mangaluru airports

By: |
Published: February 15, 2020 3:30 AM

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.

Adani Group, Airports Authority of India, AAI, GMR, GVK Group, Mumbai International Airport, Zurich Airport InternationalThe agreement was signed between AAI and wholly-owned subsidiaries set up by the group to run these 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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Delhi IGI Airport: With a first-of-its-kind portal, international arrival process made easy for flyers
2Kozhikode plane crash: DGCA reprimanded Airport Director for cracks, water stagnation on runway last year
3Tabletop runway: What is it and why these airports are risky- Explained