Adani Enterprises may divest 3% stake in airport arm, says source

Informist, Tuesday, Nov 29, 2022


–Source: Adani Ent may sell 3% in airport arm for $300 mln-$500 mln

–Adani Ent airport arm stake sale likely in next 3-6 months

By Sunil Raghu


AHMEDABAD – Adani Enterprises Ltd is likely to sell around 3% stake in its airports subsidiary for $300 mln-$500 mln in the coming three to six months, a source in the direct knowledge of the development told Informist.


The talks for the stake sale have started, and the shares are likely to be sold to an investor who is "close" to promoters, the source said, without giving the name. The stake sale will be done on a private-placement basis, he said.


An Adani Group spokesperson declined to comment on the query.


The deal, another source said, should be seen as being at favourable terms to the investor and a precursor to an expected initial public offering of the company's airport business.


In November 2020, Adani Enterprises Chief Financial Officer Jugeshinder Singh had said airports business could see demerger "somewhere between towards end of 2022 or 2023".


Adani Enterprises operates and maintains eight airports in the country, out of which seven are operational in Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram, Mangaluru, Guwahati, and Mumbai. It manages these airports on a public-private partnership model for 50 years through its wholly-owned subsidiary Adani Airports Holdings Ltd.


Adani Enterprises also has a 74% stake in Mumbai International Airports Ltd, which is in the process of completing the Navi Mumbai airport by 2024. The remaining stake is held by Airports Authority of India.


In Apr-Sep, the airports division of the company had a revenue of 25.73 bln rupees and profit before tax of 910 mln rupees. It handled 33 mln passengers for the first six months of 2022-23.


At 1204 IST, shares of Adani Enterprises were trading 0.1% higher at 3,890.50 rupees on the National Stock Exchange.  End


US$1 = 81.71 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT


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