The Adani team has done the acquisition of Mumbai International Airport Limited (MIAL) and will start development of the greenfield airport in Navi Mumbai subsequent month, it mentioned in a release right now.

Last August the team announced the acquisition of Mumbai airport from the GVK team. The transaction concluded right now offering the Adanis seventy four for each cent stake in MIAL.

The Adanis already have six airports in their portfolio and with the addition of Mumbai airport the team will control control 25 for each cent of passenger footfalls and 33 for each cent of India’s air cargo and make the team India’s biggest airport infrastructure corporation.

Adani Airport Holdings Limited will also start the development of the Navi Mumbai International Airport subsequent month and complete the money closure in the subsequent 90 times. This new global airport will be commissioned in 2024, it mentioned.

Beneath stress from creditors the GVK team exited the airport sector agreeing to sell its 50.five for each cent stake in MIAL to Adanis. The team also acquired 23.five for each cent stake from two South African investors in February. Karan Adani and Gaurav Gupta joined the MIAL board as team nominees before long thereafter.

“Our much larger objective is to reinvent airports as ecosystems that drive nearby financial advancement and act as the nuclei close to which we can catalyse aviation-joined enterprises. These include metropolitan developments that span entertainment services, e-commerce and logistics capabilities, aviation dependent industries, wise town developments, and other impressive enterprise ideas,” mentioned Gautam Adani, Chairman of the Adani Team

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