Adani sets $15 billion plan to boost India’s airport growth

Adani Group is preparing a $15 billion investment plan to lift annual airport capacity to 200 million passengers, upgrade key regional hubs and support India’s surging aviation demand as it moves toward listing its airport business.

The Adani Group is initiating a five-year expansion strategy worth $15 billion to significantly scale up capacity across its airport network, according to reports citing people familiar with the matter. The plan aims to raise annual passenger-handling capability to around 200 million, aligning with India’s rapidly rising air travel demand and the conglomerate’s preparation for a potential listing of its airport arm.

A major portion of the investment will go toward new infrastructure at the Navi Mumbai International Airport, expected to open on December 25. This includes additional terminals, new taxiways and a planned second runway. Capacity upgrades are also slated for airports in Ahmedabad, Jaipur, Thiruvananthapuram, Lucknow and Guwahati, the people said, requesting anonymity as the details are not yet public.

Expansion backed by debt and industry growth outlook

About 70% of the planned investment is expected to be funded through long-term debt, with the remainder to come from equity contributions. The expansion is designed to support India’s aviation sector, where annual passenger numbers are projected to surpass 300 million by 2030. By positioning its airports to handle nearly two-thirds of that volume, Adani is strengthening its competitiveness ahead of its proposed airport unit IPO.

The current capacity boost does not include the 20 million passengers expected to be handled at Navi Mumbai or 11 million at Guwahati, which is opening this month.

Privatization wave creates new opportunities

The upgrades focus on six airports the conglomerate took over during India’s second phase of airport privatization in 2020. With the government now preparing to privatize 11 additional airports—bundling weaker assets with profitable ones—Adani Airport Holdings and GMR Airports are expected to be leading contenders.

India is also constructing a second airport for Delhi and has set a long-term target of expanding the national network to 400 airports by 2047, up from about 160 today, reflecting the scale of anticipated demand growth.