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Gautam Adani's next BIG step amid bribery charges allegations, as Adani Enterprises acquires 99% stake in...
The acquisition involves an aggregate investment of Rs 1.98 crore, with Rs 99 lakh allocated for each company.
Updated : Nov 30, 2024, 01:36 PM IST
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Adani Enterprises Ltd on Friday, November 29, said that it has acquired a 99% share in Aviserve Facilities Private Ltd and Aviground Facilities Private Ltd through its wholly owned subsidiary, Adani Airport Holdings Ltd (AAHL). Each company will receive Rs 99 lakh of the Rs 1.98 crore total investment in the transaction.
"...we would like to inform you that Adani Airport Holdings Limited (AAHL), a wholly-owned subsidiary of the Company has acquired a 99% stake in both Aviserve Facilities Private Limited (Aviserve) and Aviground Facilities Private Limited (Aviground)," Adani Enterprises said in a regulatory filing.
At Mumbai Airport, both target entities specialise in non-aeronautical services. Aviserve specialises in meet-and-greet services, which include help with baggage handling, immigration procedures, lounge access, passenger check-ins and transportation. Aviground provides general aviation terminal services in the meanwhile.
Aviground earned Rs 11,000 in revenue for the fiscal year 2023–2024, while Aviserve reported Rs 59.39 crore. In line with Adani Airport Holdings' goal of growing its service offering and operational effectiveness, the acquisitions are intended to improve the traveler experience at Mumbai Airport.
Aviground, founded on February 16, 2021, and Aviserve, formed on March 4, 2021, will now function as step-down subsidiaries of Adani Enterprises. The acquisition was carried out at arm's length and is not considered a related-party transaction.
Adani Enterprises demonstrates its dedication to improving consumer convenience and broadening its product offerings by taking this action, which solidifies its position in India's airport services industry. The specialised non-aeronautical services provided by the acquired businesses enhance the Adani Group's overarching plan to develop Mumbai Airport into a premier aviation hub.
Shares of Adani Enterprises Ltd ended at Rs 2,462.25, up by Rs 24.80, or 1.02% on the BSE.
