Adani Enterprises picks up 99% stake in Aviserve and Aviground

29 Nov 2024 , 06:28 PM

Adani Enterprises Ltd announced on Friday (November 29) that its wholly owned subsidiary, Adani Airport Holdings Ltd (AAHL), had acquired a 99% share in Aviserve Facilities Private Ltd and Aviground Facilities Private Ltd. The acquisition totals ₹1.98 Crore, with each firm receiving ₹99 lakh.

Both target firms specialize in non-aeronautical services at Mumbai Airport. Aviserve specializes in meet-and-greet services, which include assistance with passenger check-in, lounge access, baggage handling, immigration procedures, and transportation. Meanwhile, Aviground provides general aviation terminal services.

Aviserve’s revenue in 2023-24 was ₹59.39 Crore, whereas Aviground’s was ₹11,000. The acquisitions aim to improve the passenger experience at Mumbai Airport, which aligns with Adani Airport Holdings’ goals of expanding its service offering and operating efficiency.

Aviserve, founded on March 4, 2021, and Aviground, founded on February 16, 2021, will now become step-down subsidiaries of Adani Enterprises.

With this development, Adani Enterprises cements its position in India’s airport services market, demonstrating its dedication to improving consumer convenience and broadening its products. The acquired companies’ experience in specialty non-aeronautical services adds to the Adani Group’s overall objective of building Mumbai Airport into a world-class aviation center.

At around closing Adani Enterprises was trading 0.82% higher at ₹2,457 per piece, against the previous close of ₹2,437.10 on NSE.

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