Billionaire Gautam Adani-led Adani Group is planning to invest over $11 billion (₹1 trillion) in its airports business by 2030, as it looks to scale operations, bid for new airport assets, and expand into aviation services ahead of a proposed initial public offering (IPO).
The investment will be channelled through Adani Airport Holdings Ltd (AAHL) towards building new terminals, runways, aircraft handling infrastructure, and passenger amenities, Jeet Adani, Director at AAHL, said in an interview. While the funding structure has not been finalised, the group is preparing to list the airports business by the financial year ending March 2028, potentially through a demerger from Adani Enterprises.
Jeet Adani said the group is also open to bringing in a strategic investor before the IPO, though no formal discussions are underway. AAHL currently operates seven airports, including major hubs such as Mumbai and Ahmedabad, and is targeting up to 11 additional airports expected to be privatised by the government. These may include airports in Varanasi, Bhubaneswar, and Amritsar, as part of bundled asset sales.
A key pillar of the expansion strategy is the Navi Mumbai International Airport, scheduled to open on December 25. The first phase involves an investment of ₹200 billion and will handle 20 million passengers annually, with a second phase requiring an additional ₹300 billion. By 2030, the airport will also feature an “Aero City” with hotels, transit infrastructure, and advanced passenger technologies.
AAHL is currently EBITDA positive, with management expecting cash flow positivity within the next three years. The IPO will hinge on stable airport operations, commercial development, and financial self-sufficiency.
Beyond airports, the group plans to expand into aircraft maintenance, repair and overhaul (MRO), ground handling, and potentially aircraft manufacturing through global partnerships, aiming to reduce India’s reliance on overseas aviation services.
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