Adani Airports Unveils ₹1 Lakh Crore Expansion Plan Across Aviation and City-Side Assets
Adani Airports Holdings Ltd (AAHL), India’s second-largest private airport operator, has outlined an ambitious investment plan of around ₹1 lakh crore over the next five years, signalling a decisive push to scale up its aviation and infrastructure footprint. The investment will span air-side operations, terminal expansion and large-scale city-side developments, including real estate, hospitality and entertainment infrastructure.
Speaking to Moneycontrol, Jeet Adani, Director – Airports at AAHL, said the company has drawn up a detailed five-year capital expenditure roadmap that covers its existing and upcoming airports.
“We have done a five-year guidance on capital expenditure and in that plan, we have lined up ₹1 lakh crore across everything — air-side, city-side and terminals. These investments will be across our eight airports and beyond,” Adani said.
The strategy reflects AAHL’s intent to evolve from a pure airport operator into a diversified aviation-led infrastructure platform.
Navi Mumbai International Airport to Anchor Future Growth
A key pillar of AAHL’s growth roadmap is the Navi Mumbai International Airport (NMIA), which is scheduled to be commissioned on December 25, 2025. Once fully operational, NMIA is expected to handle up to 90 million passengers annually, making it the largest airport in the Adani Airports portfolio.
AAHL currently operates seven airports, including Mumbai, Ahmedabad, Lucknow, Jaipur and Guwahati. The addition of NMIA will significantly enhance capacity in the Mumbai Metropolitan Region, which continues to face demand-supply constraints in air travel.
According to Jeet Adani, NMIA is central to the group’s long-term strategy, not only as an aviation hub but also as a catalyst for surrounding urban development.
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IPO or Demerger Planned Between 2027 and 2030
AAHL is also evaluating plans to tap the capital markets between 2027 and 2030, either through an initial public offering or a demerger from its parent, Adani Enterprises.
“Either it is going to be an IPO or a demerger, and 2027–30 is a good timeline,” Adani said during an interaction at the NMIA project office on December 17.
He outlined three critical milestones that would determine the timing of a public listing:
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Operational launch of Navi Mumbai International Airport
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Achievement of financial self-sufficiency, reducing reliance on the parent entity
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Leasing or pre-leasing of at least one major city-side development project
“Right now, the company is dependent on Adani Enterprises for support. While we are EBITDA positive, the size of the capex means we still rely on the parent for cash. Over the next two to three years, on an ongoing basis, we should become self-sufficient,” Adani added.
Mumbai Airport Redevelopment Timeline Gets Extended
AAHL has also revised its redevelopment plans for Mumbai’s Chhatrapati Shivaji Maharaj International Airport. The demolition of Terminal 1 (T1), earlier scheduled to begin in November 2025, has now been deferred to 2030.
The revised timeline aligns the redevelopment with the commissioning of NMIA’s Terminal 2, ensuring capacity adequacy across the Mumbai Metropolitan Region.
“We are seeing the Mumbai Metropolitan Region as one integrated demand market. Even after adding 20 million capacity at NMIA, demand remains higher than supply,” Adani said.
Key developments on this front include:
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Construction of the next terminal at NMIA to begin within six months
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NMIA Terminal 2 expected to be operational within 3–3.5 years of construction start
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A three-to-five-year window thereafter to demolish and rebuild Mumbai airport’s T1
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Interim strengthening of T1 to ensure structural safety
AAHL also plans to add a second runway at NMIA as part of its phased expansion.
City-Side Development Emerges as a Major Value Driver
Beyond runways and terminals, AAHL is making a strong push into city-side development, particularly at the Navi Mumbai airport, where it has around 240 acres of developable land.
“We will develop the first two phases ourselves. This will be a mixed-use development — commercial real estate, hospitality and retail,” Adani said.
The first phase alone will feature about 5 million square feet of development, with an additional 2–3 million square feet planned to be added annually. These projects are expected to create steady, non-aeronautical revenue streams and improve overall asset monetisation.
25,000-Seat Indoor Arena to Anchor Entertainment Offering
One of the standout features of the NMIA city-side development is a 25,000-seat indoor arena, being built in partnership with one of the world’s leading operators. The arena is designed to host large-scale live entertainment events and conventions, adding a new dimension to the airport’s ecosystem.
“The arena is meant for live entertainment, but it can also be used as a convention centre,” Adani said.
This focus on experiential and commercial infrastructure underscores AAHL’s strategy to integrate aviation with lifestyle, business and entertainment offerings.
Long-Term Vision Positions AAHL for Market Leadership
With a ₹1 lakh crore investment pipeline, a potential IPO on the horizon and a diversified revenue model taking shape, Adani Airports is positioning itself for long-term leadership in India’s aviation infrastructure space. For investors, the strategy signals a clear shift towards scale, sustainability and monetisation beyond traditional airport operations.
As India’s air travel demand continues to rise and urban infrastructure expands, AAHL’s integrated approach could play a pivotal role in shaping the next phase of the country’s aviation and city-side development story.
