Adani Group’s airports arm, Adani Airport Holdings Limited (AAHL), has entered into a strategic partnership with Flemingo Travel Retail Pvt Ltd and Mumbai Travel Retail Pvt Ltd (MTRPL) to operate duty-free outlets in airports and seaports.
The wholly-owned subsidiary of Adani Enterprises Limited, AAHL has signed share subscription agreement with Flemingo and MTRPL, the company said in a regulatory filing on Thursday.
Under the strategic partnership, AAHL will subscribe to 28,49,000 equity shares of face value of ₹10 each constituting 74 per cent of share capital of MTRPL on fully diluted basis for an aggregate investment of ₹2.85 crore.
Adani has eight airport concessions, of which seven are operating and one is under development at Navi Mumbai Airport.
For the energy-to-infrastructure conglomerate, Airport business is beyond monetisation of land as the group is looking at a different model for the airports making it more of a B2C business and capitalise on about 300 million users of which about 100 million will be passengers and 200 million will be non-passengers.
Adani Enterprises shares ended at ₹1,477 on Thursday, up 2.7 per cent over previous close on the BSE.