Adani Airports likely to be demerged and listed by FY26.

Adani Airports Holdings is most likely to be the first of the currently incubating businesses in the Adani group to be demerged and listed, and this is expected to take place by late 2025 or early 2026, sources said.

The airports vertical, a wholly-owned subsidiary of Adani Enterprises and part of the transport and logistics business, operates eight airports, and the ninth, Navi Mumbai airport, is upcoming. Phase 1 of this airport is expected to be operational by December 2024.

Sources said the company is waiting for the first phase to be complete before monetising the business. When fully functional, which is expected by 2032, the Navi Mumbai airport will be able to handle 90 million passengers, double the current capacity of the existing airports in Mumbai.

In January this year, a senior official of the group indicated that Adani Enterprises would be spinning off its hydrogen, airports, and data centre businesses between 2025 and 2028 once they had reached a certain size and scale of operations.

In FY24 and FY25, Adani Enterprises will be spending about $1.1 billion each on the airport business, with the majority of the capex going towards the construction of the Navi Mumbai airport.

HBL