Adani Enterprises Ltd arm to infuse Rs 10,000 crore in airport business

New Delhi: Adani Enterprises Ltd (AEL), the flagship firm of Adani Group, has committed an investment of Rs 10,000 crore for airport business by 2026, a company official has said. AEL's arm Adani Airports Ltd had won bids for six airports. The government last month said the Airports Authority of India (AAI) has issued letters of award for handing over Ahmedabad, Lucknow and Mangaluru airports to Adani Enterprises Ltd after the Cabinet nod. "We have committed roughly about Rs 10,000 crore investment over a period of seven years for the airports business," said Jugeshinder Singh, chief financial officer of AEL.

He said that of the Rs 10,000 crore, the company will make an upfront payment of Rs 3,600 crore for six airport projects and will pay a capital expenditure of about Rs 6,000 crore over seven years. Adani Airports had won bids for six airports. The government in 2018 had accorded 'in-principle' approval for leasing of six airports of the AAI— Ahmedabad, Jaipur, Lucknow, Guwahati, Mangaluru and Thiruvanathapuram—for operation, management and development through a public-private partnership mode.

(For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal

www.freepressjournal.in