New Delhi, September 9 (IANS). TK Kurian, Chief Executive Officer (CEO) and Managing Partner, Premji Invest, on Wednesday said he is delighted to join Adani Group as a partner in the next growth journey of the aviation sector in India.
Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited (AEL), has announced raising primary equity capital of Rs 9,825 crore ($1 billion) from a consortium of global investors including Premji Invest. This is one of the largest primary equity investments made by financial institutions in India's airport infrastructure sector.
“The Indian aviation sector is undergoing a significant transformation and is supported by strong structural factors including a young population, an aspirational consumer class and progressive government policies,” Kurien said in a statement.
“This investment reiterates Premji Invest’s commitment to partner with industry leading institutions to develop critical nation-building infrastructure,” he said.
The pre-money equity valuation of AAHL under this transaction is estimated at $18 billion.
The funds will be used to expand and modernize airport infrastructure across AAHL's portfolio, accelerate the development of an integrated Adani Airport City ecosystem around the airport (which has a planned 22 million square feet mixed-use development in the first phase) and grow passenger-facing and other non-aeronautical businesses (such as ground handling business).
AAHL said that these investments are expected to serve 20 crore (200 million) passengers annually, increase commercial earning opportunities, improve passenger experience and further strengthen AAHL's integrated airport ecosystem.
Adani Airport Holdings Limited (AAHL) manages eight airports in India and accounts for over 23 per cent of the country's total passenger traffic.
Shares of Adani Enterprises Limited (AEL) opened with gains on Wednesday and gained up to 6 per cent after the company announced raising Rs 9,825 crore for its airport unit.
The shares opened at Rs 2,959.90 on the NSE and rose over 6.5 per cent to an intraday high of Rs 3,137.10 per share.
–IANS
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