Adani Group plans to tweak airport business, launch IPO after hive off
The Adani Group is planning to hive off its airport business from the holding company Adani Enterprises.
The Adani Group is planning to hive off its airport business from the holding company Adani Enterprises. According to media reports, the plan is to list the airport business unit separately and raise USD 500 million via a private placement of shares in Adani Airports Holdings before launching a final IPO.
Ahmedabad headquartered Adani Group is led by billionaire Gautam Adani. It was founded in 1988. The group's diverse businesses include energy, resources, logistics, agribusiness, real estate, financial services, defence and aerospace.
Adani Airports controls Mumbai airport and several regional facilities as well. The company is aiming at a valuation of Rs 25,500-29,200 crore for the business.
Adani Airports had entered the airport business in 2019. It bagged the Airports Authority of India's contract to operate six airports in Lucknow, Ahmedabad, Thiruvananthapuram, Mangaluru, Jaipur and Guwahati.
Adani Group is also the largest port developer and operator with ten ports. It co-owns Fortune Oil, the country's largest edible oil brand, through a joint venture with Wilmar International.