Adani to bid for 11 new airports, eyes IPO after Navi Mumbai launch

Adani Enterprises is set to aggressively expand its dominance in India’s aviation sector, confirming plans to bid for all 11 state-owned airports slated for privatization while preparing for the public listing of its airport arm by 2028.

The announcement comes just days ahead of a landmark event for the group: the commercial inauguration of the Navi Mumbai International Airport (NMIA) on Christmas Day. The greenfield project is the center of a $11 billion (₹1 lakh crore) investment plan designed to scale its capacity to 200 million passengers annually by 2030.

Dual-airport milestone

Scheduled to commence operations on December 25, 2025, NMIA will make Mumbai the first Indian city to operate a dual-airport system. The new hub aims to decongest the saturation-plagued Chhatrapati Shivaji Maharaj International Airport (CSMIA), which Adani also operates.

“We will be bidding for all (11) of them,” said Jeet Adani, Director at Adani Airports Holdings Limited (AAHL), during an interview in Mumbai this week. He confirmed the group’s intent to sweep the upcoming auctions for regional hubs including Amritsar and Varanasi, which are central to the government’s vision of expanding India’s operational airports to 400 by 2047.

IPO roadmap set for FY28

With the infrastructure rollout stabilizing, the conglomerate has outlined a clear path to monetization. AAHL plans to list on the stock exchanges by the financial year ending March 2028 (FY28).

The strategy hinges on transforming airports into “city-side” destinations. The group aims to derive a significant portion of its revenue from non-aeronautical sources—such as real estate, retail, and hospitality—a shift intended to boost valuation metrics before the demerger from Adani Enterprises.

No airline ambitions

Despite its control over ground infrastructure, the group firmly ruled out entering the airline business. Citing “structurally thin margins,” Jeet Adani emphasized that the company’s core competency lies in creating and running capital-intensive, long-gestation assets on the ground.

Summary

Adani Enterprises plans to bid for 11 government airports and list its airport unit by FY28 as part of a $11 billion expansion strategy. The strategy centers on the December 25 launch of the Navi Mumbai International Airport, which will make Mumbai the first Indian city with a dual-airport system. The group aims to handle 200 million passengers annually by 2030, focusing on “city-side” commercial development while avoiding the airline sector.

Frequently asked questions (FAQs)

Q1: When does the Navi Mumbai airport open? 

Commercial operations begin on December 25, 2025. The first flight is scheduled to be an IndiGo arrival from Bengaluru at 8:00 AM.

Q2: What is the IPO plan? 

The group targets an IPO by FY28. It is likely to happen via a demerger from the flagship Adani Enterprises.

Q3: Which airports is Adani targeting? 

The 11 airports include major hubs like Bhubaneswar, Varanasi, Amritsar, and Indore, which will be bundled with smaller regional facilities.

Q4: Why not start an airline? 

The group views airline management as a high-risk mindset. They prefer the “hard asset” model of owning and operating ground infrastructure.

Q5: What is the passenger target? 

Adani aims to handle 200 million passengers annually by 2030 across its entire portfolio.