The Adani Group plans to invest $15 billion to boost passenger capacity at its airports to 200 million annually in the
next five years, people familiar with the matter said, helping power India’s aviation boom as it prepares to list its
The plan involves adding terminals, taxiways, and a new runway at the Navi Mumbai airport, which is set to open Dec. 25,
said the people, who asked not to be identified as the plans are private. Alongside, the group will undertake capacity
upgrades at Ahmedabad, Jaipur, Thiruvananthapuram, Lucknow and Guwahati airports, they said.
About 70% of funding will come from debt raised over five years, with the rest in equity, the people said.
The expansion ties in with a projected increase in India’s air traffic, with passenger numbers expected to more than
double to 300 million annually by 2030. By scaling up capacity to two-thirds of that number, Adani is positioning itself
as a key facilitator of this growth, while strengthening its case for a planned initial share sale for its airports
The expansion — to boost total passenger capacity by more than 60% — excludes 20 million at Navi Mumbai and 11 million
at Guwahati, opening this month, they said.
A representative for the Adani Group didn’t immediately respond to an emailed request for comments.
The upgrades focus on six airports leased during India’s second privatization phase in 2020, previously managed by the
state-run Airports Authority of India. India began privatizing airports in 2006, with GMR Airports Ltd. and GVK Power &
Infrastructure Ltd. acquiring New Delhi and Mumbai. Adani later bought GVK’s stake.
The government now plans to privatize 11 more airports, bundling loss-making facilities with profitable ones. Adani
Airport Holdings Ltd., India’s largest operator by number of airports, and GMR Airports, the largest by passenger
traffic, are expected to lead the bidding.
India is also building a second airport in Delhi to meet demand, while targeting 400 airports nationwide by 2047, from
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