December 23, 2025: Adani Enterprises is preparing an aggressive expansion of its airport business, with plans to bid for 11 airports that the central government proposes to lease to private operators. The move is part of the conglomerate’s broader USD 11 billion investment roadmap for airport infrastructure over the next five years, underscoring its ambition to deepen its footprint in India’s rapidly expanding aviation sector.
Led by billionaire Gautam Adani, the group has grown swiftly across multiple infrastructure verticals in recent years. Its airport subsidiary, Adani Airports Holdings Limited (AAHL), has already become India’s largest airport operator by number of airports. However, GMR Group continues to lead in terms of passenger traffic handled, highlighting the competitive dynamics within the country’s airport operations space.
The government’s airport leasing programme is aligned with its wider objective of modernising aviation infrastructure and boosting regional connectivity. India currently has 163 operational airports and has set a long-term target of expanding this network to between 350 and 400 airports by 2047. Under the leasing plan, 11 airports — including those at Amritsar and Varanasi — have been identified for long-term private development and management.
At present, AAHL operates seven airports across the country and is close to commissioning its first greenfield airport near Mumbai. The upcoming launch will mark a significant transition for the group, positioning it not just as an operator of leased assets but also as a developer of large-scale aviation infrastructure.
On the possibility of listing the airport business, AAHL director Jeet Adani has said there is no defined timeline for an initial public offering. Any IPO or demerger, he explained, would be evaluated only after key milestones are achieved, including the business turning cash positive. While the airport arm is largely EBITDA positive, ongoing capital expenditure linked to expansion continues to require significant cash outlay.
India’s aviation sector continues to see robust demand, driven by rising incomes and improved connectivity. Passenger traffic has been growing steadily, and airlines have placed sizeable aircraft orders since 2023, increasing the urgency for airport capacity expansion.
Despite this growth, Adani Airports has ruled out entering the airline business, maintaining its focus on developing and efficiently operating long-term infrastructure assets.
