Adani Enterprises unit Adani Airport Holdings Ltd (AAHL) in India has taken over the management control of Mumbai International Airport Limited (MIAL) from the GVK Group.

This came after approvals from the Government of India, the City and Industrial Development Corporation (CIDCO) of Maharashtra and the Government of Maharashtra.

With the addition of MIAL, which is said to be India’s second busiest airport, AAHL will now control nearly 33% of the country’s air cargo traffic.

In February, Adani Group completed the acquisition of 23.5% interest in MIAL from two South African firms, Bidvest and Airport Company of South Africa.

The group will have a 74% stake in Mumbai Airport, with 50.5% acquired from GVK Group and 23.5% from the South African firms.

AAHL will commence the Navi Mumbai International Airport’s construction in August this year and finish the financial closure in the next 90 days.

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In 2024, the new international airport will be commissioned.

Adani Group chairman Gautam Adani said: “Our larger objective is to reinvent airports as ecosystems that drive local economic development and act as the nuclei around which we can catalyse aviation-linked businesses.

“These include metropolitan developments that span entertainment facilities, e-commerce and logistics capabilities, aviation dependent industries, smart city developments and other innovative business concepts.”

Currently, Adani Group’s existing portfolio includes six airports, Lucknow (LKO), Ahmedabad (AMD), Mangaluru (IXE), Guwahati (GAU), Jaipur (JAI) and Thiruvananthapuram (TRV).

The company is responsible for the modernisation and operations of these airports for a period of 50 years.

The company said that the addition of MIAL to its portfolio and “thereafter, the operationalisation of the greenfield Navi Mumbai International Airport Limited (NMIAL) provides a transformational aviation platform allowing the Adani Group to interlink its B2B and B2C business”.

AAHL is anticipating its passenger traffic share to increase from 80 million in FY 20 to 100 million in FY 22.

Last week, Adani Group was reportedly planning to raise more than $1.5bn to refinance the debt of MIAL.

The group had initiated talks with some major banks including Barclays, Standard Chartered, Deutsche and JPMor­gan Chase for raising the capital.