- Adani sets up three subsidiaries for hotel development.
- The entities will engage in real estate on owned or leased property.
- The group has a $15 billion airport expansion plan by 2030.
ADANI AIRPORT CITY Ltd. established three wholly owned subsidiaries for hotel and real estate development. The entities will undertake construction and operate hotels with restaurants, banquets and business centres.
The newly incorporated entities, Adani Navi Mumbai Airport City Ltd, Adani Guwahati Airport City Ltd and Adani Ahmedabad Airport City Ltd, “shall engage in real estate on owned or leased property, building construction on own account or on a fee or contract basis and hotels with restaurants, banquets and business centres,” PTI reported, citing a regulatory filing.
It did not say whether the plan includes hotels near the airports it operates. Each subsidiary has a paid-up capital of about $11,000, with shares subscribed in cash at face value and is fully owned by Adani Airport City Ltd.
Adani Airport City is a unit of Adani Airport Holdings Ltd., which was incorporated in 2019 as a wholly owned subsidiary of AEL and is the largest airport infrastructure company. Its eight airports account for 25 percent of passenger traffic and 33 percent of India’s air cargo. It manages airports at Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram and holds 73 per cent in Mumbai International Airport Ltd, which in turn holds 74 percent in Navi Mumbai International Airport Ltd.
The group outlined a $15 billion plan to expand its airport portfolio by 2030 to 200 million annual passengers, tied to the airport unit’s IPO, according to PTI. It focuses on expanding airports in Ahmedabad, Jaipur, Thiruvananthapuram, Lucknow and Guwahati and has opened the Navi Mumbai airport with initial capacity of 20 million passengers. The group targets a more than 60 percent increase in capacity to meet demand projected to exceed 300 million passengers in India by 2030.
In December, media reported that the group plans to enter India’s hotel industry with more than 60 hotels linked to its airports and real estate projects, partnering with international operators for management to diversify revenue and compete with established players.
