The Adani Group has incorporated three wholly-owned subsidiaries focused on hotel and real estate development as part of its airport city expansion strategy in Navi Mumbai, Ahmedabad and Guwahati.
Adani Airport City Ltd., a step-down wholly-owned subsidiary of Adani Enterprises Ltd., has set up Adani Navi Mumbai Airport City Ltd., Adani Guwahati Airport City Ltd. and Adani Ahmedabad Airport City Ltd., according to a stock exchange filing. The new entities will undertake real estate activities including construction, along with hotels featuring integrated restaurants, banquets and business centres.
The newly incorporated entities "shall be engaged in the business of real estate activities with own or leased property, construction of buildings carried out on own - account basis or on a fee or contract basis - hotels with integrated restaurants, banquets and business centres," it said.
It however did not elaborate if the plan included construction of hotels within the vicinity of airports it operates.
Each subsidiary has been incorporated with a paid-up capital of Rs 10 lakh, with shares subscribed in cash at face value, and is fully owned by Adani Airport City.
Adani Airport Holdings Ltd. was incorporated in 2019 as a 100% subsidiary of AEL and today it is the largest airport infrastructure company, with its eight airports accounting for 25% of passenger footfalls and 33% of India's air cargo traffic. It manages airports at Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram.
The company holds a majority stake in both Mumbai airports.
The conglomerate has previously outlined a $15 billion expansion plan of its Indian airport portfolio by 2030, aiming to boost capacity to 200 million annual passengers.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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