Adani Airports: more expansion in India, more equity at Mumbai

Premium Analysis

The private sector has had a hard time of things where India's airports are concerned. The pace of privatisation was slow, and the administration of the very first round, in 2006, cumbersome and off-putting to some foreign investors, who never returned.

Others have complained about the poor level of representation in decision-making which was afforded to them by their minority shareholding, but what did they expect?

A more recent round has resulted in the emergence of the Adani Group, which is managing regional airports sufficiently well that Airports Authority of India is being financially rewarded from the concessions earlier than it might have expected.

Now Adani has secured a 74% stake holding in Mumbai's main airport, as well as in the new one, where there is some construction under way. This puts it in a more powerful position than most of its private sector predecessors.

The question is, how will it balance development at the old airport with that at the new?

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