Adani Airports to invest Rs 1 lakh crore over 5 years; IPO planned between 2027 and 2030

Navi Mumbai airport will commence operations from December 25

Adani Airports Holdings Ltd (AAHL), operator of the Mumbai airport and the upcoming Navi Mumbai International Airport (NMIA), plans to invest around Rs 1 lakh crore over the next five years as part of an ambitious expansion strategy that spans airports, real estate, hospitality and large-scale entertainment infrastructure.

Speaking to Moneycontrol, Jeet Adani, Director – Airports, AAHL, said the company has drawn up a comprehensive five-year capital expenditure road map covering air-side, terminal and city-side development.

“We have done a five-year guidance on capital expenditure and in that plan, we have lined up Rs 1 lakh crore across everything — air-side, city-side and terminals. These investments will be across our eight airports and beyond,” Adani said.

AAHL is currently India’s second-largest private airport operator, with seven operational airports including Mumbai, Ahmedabad, Lucknow, Jaipur and Guwahati. The company will commission its eighth airport — Navi Mumbai International Airport — on December 25, 2025. Once fully operational, NMIA is expected to handle up to 90 million passengers annually, making it the largest airport in the company’s portfolio.

IPO or Demerger on the Cards

Adani indicated that AAHL is evaluating plans to tap public markets between 2027 and 2030, either through an initial public offering (IPO) or a demerger.

“Either it is going to be an IPO or a demerger, and 2027–30 is a good timeline,” he said during an interaction at the NMIA project office on December 17.

He outlined three key triggers for a public listing. The first is the commencement of operations at NMIA. The second is AAHL achieving financial self-sufficiency.

“Right now, the company is dependent on Adani Enterprises for support. While we are EBITDA positive, the size of the capex means we still rely on the parent for cash. Over the next two to three years, on an ongoing basis, we should become self-sufficient,” Adani said.

The third factor is the leasing or pre-leasing of at least one major city-side development project.

Mumbai Airport Redevelopment Timeline Revised

AAHL has also deferred plans to demolish Terminal 1 (T1) at the Mumbai airport. The phase-wise demolition, initially scheduled to begin in November 2025, has now been pushed to 2030 and aligned with the commissioning of NMIA’s Terminal 2.

“We are seeing the Mumbai Metropolitan Region as one integrated demand market. Even after adding 20 million capacity at NMIA, demand remains higher than supply,” Adani said, adding that construction of the next terminal at NMIA will begin within the next six months.

Once NMIA’s Terminal 2 becomes operational — expected within 3 to 3.5 years of construction start — AAHL will have a window of three to five years to demolish and rebuild Mumbai airport’s T1. The NMIA expansion will also include a second runway. In the interim, AAHL is strengthening T1 to ensure structural safety.

Cityside Development at NMIA

Beyond aviation infrastructure, AAHL is making a significant push into city-side development at the Navi Mumbai airport. The company has around 240 acres of developable land at the site.

“We will develop the first two phases ourselves. This will be a mixed-use development — commercial real estate, hospitality and retail,” Adani said.

The first phase will include about 5 million square feet of development, with an additional 2–3 million square feet planned to be added annually thereafter. A key attraction will be a 25,000-seat indoor arena, being developed in partnership with one of the world’s leading operators.

“The arena is meant for live entertainment, but it can also be used as a convention centre,” Adani added.

With large-scale investments lined up and a potential public listing on the horizon, Adani Airports is positioning itself as a diversified aviation-led infrastructure platform with a growing footprint beyond runways and terminals.