Adani Enterprises commits Rs 100 billion for airport business

Adani Enterprises Limited (AEL) has committed capital expenditure worth about Rs 100 billion over the next seven years for its airport business. In February 2019, the company had won bids for leasing out six airports on a public-private partnership (PPP) basis. The committed investment will entail an upfront payment of roughly Rs 16 billion for three airports, Ahmedabad, Lucknow and Mangaluru, for which the cabinet recently gave approval for leasing them to AEL on a PPP basis. The three airport projects will start generating revenues from April 2020. Further, an additional upfront payment of Rs 20 billion will be used for the remaining three airports. Of these, two airports – Guwahati and Jaipur – are yet to receive state approvals and the one in Thiruvananthapuram  is under litigation with the Kerala government.