Adani Enterprises climbs 6% after confirmation to acquire controlling interest in Mumbai Airports

The addition of the Mumbai International Airport and the Navi Mumbai International Airport to Adani Airports existing portfolio of 6 airports provides it a transformational platform.

Sep 02, 2020 01:09 IST India Infoline News Service

Adani Airports will acquire controlling interest in Mumbai International Airport and the Navi Mumbai International Airport was confirmed by Adani Enterprises Limited in a regulatory filing on Wednesday.

Adani Enterprises Ltd is currently trading at Rs299.25 up by Rs17.3 or 6.14% from its previous closing of Rs281.95 on the BSE. The scrip opened at Rs282.10 and has touched a high and low of Rs301.70 and Rs280.75 respectively. 

“The Mumbai International Airport is absolutely world-class and I compliment the GVK Group for having built such an outstanding airport. The addition of the Mumbai International Airport and the Navi Mumbai International Airport to our existing portfolio of 6 airports provides us a transformational platform that will help shape and create strategic adjacencies for our other B2B businesses. This acquisition helps us redesign the way we will serve our customer base and bridge our B2C and B2B business models,” Gautam Adani Chairman, Adani Group stated on Wednesday.

He added that from a medium to long-term perspective, Mumbai is well on its way to become one of the top 5 global metropolitan centers of the 21st century. It is expected to be the nation’s leading airport as well as a core domestic and international hub as passenger traffic across our country grows 5-fold and India builds 200 additional airports to handle over 1 billion domestic and international passengers across the Tier 1, 2 and 3 cities, majority of which will connect to Mumbai. Over this period, India’s top 30 cities are expected to each require two airports and Adani Airports sees itself well-positioned to help build the infrastructure platform required.

“It was Le Corbusier who had said that a city made for speed is made for success. It is airports that enable this speed and we see airports as the nucleus around which we can catalyze real-estate and entertainment facilities, e-commerce and logistics capabilities, time-sensitive industrial ecosystems, aviation-linked business and put in place other innovative business concepts – many of which will be enabled as a result of the mainstreaming of digitization across every aspect of business and our daily lives,” Adani said.

He emphasised that we live in a world where airports have increasingly come to define the character of a city and become a critical factor for the choice of a business location, tourism, urban economic growth and global economic integration. Our view is that the economic value that the cities of the future create will be maximized around airports.

Related Story