Thursday, September 23, 2021

Adani Airport Holdings to take 74% stake in Mumbai Travel Retail after signing share subscription agreement with Flemingo and Mumbai Travel Retail

Adani Airport Holdings Limited (AAHL), the flagship holding company of Adani Group for its airports business and a wholly owned subsidiary of Adani Enterprises Limited, has signed a Share Subscription Agreement with Flemingo Travel Retail Private Limited (Flemingo) and Mumbai Travel Retail Private Limited (MTRPL) for the purpose of a strategic partnership to operate duty free stores in airports and seaports.

AAHL will hold 74% equity share capital of MTRPL on fulfilment of certain terms and conditions linked with the transaction. That will see AAHL subscribe to 2,849,000 equity shares at a face value of Rs10 (US$0.14) each.

Adani notified the National Stock Exchange of India of the deal earlier today.

AAHL is the new powerhouse of Indian aviation, now ranking as India’s largest airport infrastructure company and accounting for 25% of total airport passenger footfall. AAHL also controls 33% of India’s air cargo traffic. In July, AAHL took management control of Mumbai International Airport from GVK.

The company will cater to a 300-million-strong post-pandemic consumer base comprising fliers and non-fliers.

23/09/21  Martin Moodie/Moodie Davitt Report

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