Adani Airports Plans ₹1 Lakh Crore Investment, Prepares for Market Listing; IPO or Demerger on the Cards?

Adani Airports Holdings has unveiled an ambitious five-year expansion plan involving an investment of nearly ₹1 lakh crore. The Adani Group company, which operates Mumbai airport and the upcoming Navi Mumbai International Airport, is also preparing for a possible stock market listing between 2027 and 2030, either through an IPO or a demerger.

Adani Airports Unveils ₹1 Lakh Crore Expansion Plan

Adani Airports Holdings, a key infrastructure arm of the Adani Group, has announced plans to invest approximately ₹1 lakh crore over the next five years as part of its large-scale expansion strategy. The investment will focus on airport infrastructure, real estate, hospitality, and large entertainment infrastructure.

The information was shared by Jeet Adani, Director (Airports), Adani Airports, during an interaction with Moneycontrol. He said the company has prepared a five-year capital expenditure (capex) plan covering air-side operations, terminal development, and city-side projects.

Details of Adani Airports’ Five-Year Capex Strategy

According to Jeet Adani, the full capex roadmap includes investments across air-side, city-side, and terminal infrastructure, amounting to nearly ₹1 lakh crore. These investments will be spread across the company’s eight airports and allied projects.

Adani Airports is currently India’s second-largest private airport operator. It operates seven airports, including Mumbai, Ahmedabad, Lucknow, Jaipur, and Guwahati. The company’s eighth airport — Navi Mumbai International Airport — is scheduled to begin operations on December 25, 2025.

Once operational, the Navi Mumbai airport will be capable of handling 9 crore passengers annually, making it the largest airport in Adani Airports’ portfolio.

Mumbai Airport Terminal 1 Redevelopment Deferred

Adani Airports has postponed its earlier plan to demolish Mumbai Airport’s Terminal 1 (T1). The redevelopment, initially scheduled to begin in November 2025, has now been deferred to 2030 and aligned with the commissioning of Terminal 2 at Navi Mumbai International Airport.

Jeet Adani stated that construction of the next terminal at the Navi Mumbai airport will begin within the next six months. After Terminal 2 becomes operational in 3 to 3.5 years, Adani Airports will have a 3–5 year window to demolish and rebuild Mumbai Airport’s Terminal 1.

Adani Airports IPO or Demerger? Listing Timeline Explained

Jeet Adani indicated that Adani Airports is actively evaluating multiple listing options. The company is planning to enter the stock market between 2027 and 2030, either through an Initial Public Offering (IPO) or via a demerger.

He shared these insights on December 17 during discussions at the Navi Mumbai International Airport project office. However, he clarified that market listing will depend on the fulfilment of three key conditions:

1. Operational launch of Navi Mumbai International Airport

2. Financial self-reliance of the company

3. At least one major city-side development project being leased or pre-leased

Path to Financial Self-Reliance

On financial independence, Jeet Adani said the company currently relies on Adani Enterprises for funding support. While Adani Airports is operationally profitable, the scale of capital expenditure remains high, necessitating continued backing from its parent company.

He expressed confidence that within two to three years, Adani Airports would achieve financial self-sufficiency.

Major City-Side Development Planned at Navi Mumbai Airport

Beyond aviation infrastructure, Adani Airports has significant plans for city-side development at Navi Mumbai International Airport. The site offers around 240 acres of developable land.

The company plans to develop the first two phases on its own, focusing on a mixed-use development that will include commercial real estate, hospitality, and retail spaces.

• Phase 1: Around 5 million sq ft of development

• Subsequent additions: 2–3 million sq ft annually

A 25,000-seat indoor arena is also planned as part of the development. The facility will be used for live entertainment and can also function as a convention centre.