Adani Group plans to hive off airport business, launch IPO

The Adani Group has started initial discussions to hive off its airport business from holding firm Adani Enterprises Limited as a first step toward listing the unit. With investments in infrastructure, transportation, utilities and energy, the Adani Group is likely to raise $500 million via a private placement of shares in Adani Airports Holdings before a final IPO. The group took control of India’s second-busiest airport in Mumbai as well as six regional facilities, and is eyeing a valuation of Rs 255-292 billion for the business.