New Delhi, Sep 9 (IANS) TK Kurien, Chief Executive Officer (CEO) and Managing Partner at Premji Invest, said on Wednesday that they are delighted to partner with the Adani Group to support India’s next phase of aviation growth.
Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited (AEL), has announced to raise Rs 9,825 crore ($1 billion) of primary equity capital from a consortium of global investors, including Premji Invest, which represents one of the largest primary equity investments from financial institutions in India’s airport infrastructure sector.
“The Indian aviation sector is at a pivotal inflection point underpinned by robust structural tailwinds — a young demographic, an aspirational consumer base and progressive government policies,” Kurien said in a statement.
“This investment reaffirms Premji Invest’s commitment to partnering with industry leaders towards developing critical nation building infrastructure,” he added.
The transaction values AAHL at a pre-money equity valuation of $18 billion.
The proceeds will support three strategic priorities: expanding and modernising airport infrastructure across AAHL’s portfolio; accelerating the development of integrated Adani Airport City ecosystems around its airports with development of 22 million square feet of mixed-use development planned in the first phase; and scaling passenger-facing and other non-aeronautical businesses including our ground handling business.
In a statement, Adani Airports said these investments are expected to increase capacity to serve 200 million passengers annually, deepen commercial monetisation, enhance passenger experience and further strengthen AAHL’s integrated airport ecosystem.
Adani Airport Holdings Limited (AAHL) manages eight airports across India and serves over 23 per cent of India’s total passenger traffic.
Shares of Adani Enterprises Ltd (AEL) opened higher on Wednesday and rallied 6 per cent after the company announced that its airport arm will raise Rs 9,825 crore.
The shares opened at Rs 2,959.90 and rallied over 6.5 per cent to hit an intraday high of Rs 3,137.10 apiece on the NSE.
–IANS
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