Adani Ent raises $250 million for airports development

9 May 2022 , 11:40 AM

The funds raised are to be used for capital expenditure and for the development of six airports. AAHL had recently concluded Mumbai International Airports (MIAL) $750 million private placement to Apollo and $1.74 billion financial closure of Navi Mumbai International Airport (NMIAL) from the domestic banking system, cumulating to $2.74 billion. This transaction marks the completion of the first step of the capital management plan of AAHL. It is now geared for the next phase of its capital management plan which includes tapping the public capital markets and further construction facilities to enable access to long-term capital sources for infrastructure development. AAHL is an integrated airport network consisting of eight airports located around city centers controlling approximately 50% of the top 10 domestic routes, approximately 23% of the total Indian air traffic, and approximately 30% of Indias air cargo. AAHL airports handle approximately 200 million consumers, including passengers and non-passengers. AAHL spokesperson said: We are focussed on delivering high-quality infrastructure access to our consumers both through physical and digital channels. The first phase of our capital management plan is now set in motion with the funding of AAHL, MIAL, and NMIAL, and we will now focus on scaling up the airports business into one of the largest airport platforms globally.? Adani Enterprises (AEL) is the flagship company of Adani Group, one of Indias largest business conglomerates. The companys business investments are centered in the fields of airport management, technology parks, roads, data center, and water infrastructure. The company posted a 15.7% decrease in consolidated net profit to Rs 304.32 crore in Q4 FY22 as against Rs 360.93 crore in Q4 FY21. Net sales in the fourth quarter stood at Rs 24,865.52 crore, up 83.8% from Rs 13,525.07 crore reported in the same period last year. The scrip fell 1.63% to currently trade at Rs 2210 on the BSE. Powered by Capital Market – Live News