Adani earmarks ₹10,000-cr for aviation sector

Adani Enterprises Limited (AEL) has committed an investment of about ₹10,000 crore for its airport business over the next 7 years, and ₹7,000 crore for its coal and mining business during the current fiscal. The airport management is being run by AEL's subsidiary Adani Airports Ltd, which won bids for 6 airports, recently. Of these, three airports including Ahmedabad, Lucknow and Mangaluru of Airports Authority of India have been approved by the cabinet to be leased to AEL under PPP. The Guwahati and Jaipur airports are awaiting state approval, while the one in Trivandrum is in litigation with the Kerala government. The investment of ₹10,000 crore will entail an up-front payment of roughly ₹1,600 crore for the three airports with cabinet approval, followed by an up-front payment of ₹2,000 crore for the remaining airports. AEL's chief financial officer, Jugeshinder Singh, said that the remaining ₹6000 crore will be incurred over a period of 7 years.