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Adani Airport Holdings Ltd, the airports business arm of Adani Enterprises Ltd, will be listed on stock exchanges in near future, after achieving certain milestones, said Jeet Adani, head of the conglomerate’s airports business.
“In the near future, yes (will list the airport business). It depends on some triggers. We have a couple of triggers that we need to cross before we do it,” Adani said.
Speaking on the sidelines of an event in Hyderabad, Adani said the airports business is achieving significant growth and passenger footfall at the airports it operates has crossed pre-Covid levels.
“The principle for all businesses at Adani is to align our priorities to the nation’s requirements and make our humble contribution to India’s growth story. In the last 30 years, we have exhibited this principle time and again,” said Adani.
Adani Airports operates Mumbai’s Chhatrapati Shivaji Maharaj International Airport and is developing Navi Mumbai International Airport. The company also operates airports at Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram.
“The first thing is Navi Mumbai to be operational and to have a year of stable operations. That’s one of the triggers,” he said.
The construction of Navi Mumbai airport will be completed by December, he said.
He said all the airports run by the Adani Group are currently under expansion and it may take some time to complete it, which is another trigger to think about the listing.
He said Adani Airport has handled 80 million passengers during the last financial year 2022-23 (April 2022-March 2023) and this year, and there is significant growth in passenger footfall across airports. He said the traffic growth has already crossed the pre-pandemic level and is growing further.
“Ultimately, our business model always been that, once the business is completely self-sufficient and able to demonstrate growth on its own cash flows, then we are able to do listing,” he said.
On the slower pace of expansion and modernisation of some airports, he said expansion plans depend on traffic triggers.
At 1500 IST, shares of Adani Enterprises were trading 2.6% higher at Rs 3,091.5 apiece on the National Stock Exchange.
Meanwhile, Adani Group chairman Gautam Adani said the conglomerate will invest Rs 2 lakh crore in five years in the green energy and renewable energy sectors in Gujarat.
“Over the next five years, the Adani Group will invest over Rs 2 lakh crore in Gujarat – that is $25 billion–thereby creating over 100,000 direct and indirect jobs,” Adani said at the 10th Vibrant Gujarat Summit.
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