Adani Enterprises surges 3% as Group to take over operations at Mangaluru, Lucknow, Ahmedabad airports soon

Adani Group will begin operations at Mangaluru airport on October 31, 2020, followed by Lucknow and Ahmedabad airport in first week of November 2020.

Oct 23, 2020 11:10 IST India Infoline News Service

Gujarat-based Adani Enterprises witnessed buying sentiment on Friday after the  Airports Authority of India (AAI) announced that the Adani Group will be taking over operations, management and development of airports at Mangaluru, Lucknow and Ahmedabad.

On Sensex, Adani Enterprises stock surged by over 3% with an intraday high of Rs321.30 per piece. However, the stock was trading at Rs318.75 per piece up 2.36% at around 11.27 AM.

As per the official press release on Thursday, Adani Group will begin operations at Mangaluru airport on October 31, 2020, followed by Lucknow airport on November 02, 2020, and Ahmedabad airport on November 07, 2020.

Additionally, it was also known that the Civil Aviation ministry has also signed a memorandum of understanding (MoU) with Adani Group's three entities for providing services like customers, immigration and securities at the above-mentioned airports.

Last year in February 2019, the central government privatised six major airports which included Lucknow, Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, and Guwahati. Adani Group's flagship company Adani Enterprises won the rights to run these six airports after competitive bidding.

Later in July 2019, the Union Cabinet approved the proposal for leasing Mangaluru, Lucknow and Ahmedabad airport to Adani Enterprises.

Adani Enterprises have bagged Union Cabinet approval for leasing the other three airports as well in August this year. 

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