A thorn in Gautam Adani’s airports crown
The entrepreneur has been relentless in his pursuit to become India’s largest airport operator. But COVID-19 has struck at the heart of his business plan. Can he overcome the setback?
23 July, 2021•18 min
0
23 July, 2021•18 min
0
Getting your Trinity Audio player ready...
Why read this story?
Editor's note: The glee in Gautam Adani’s statement was palpable. His Adani Airport Holdings Ltd had just taken management control of the Chhatrapati Shivaji Maharaj International Airport in Mumbai on 13 July. “We are delighted to take over the management of the world class Mumbai International Airport. We promise to make Mumbai proud,” Adani tweeted. The takeover was an apt birthday gift for the entrepreneur who had turned 59 just three weeks earlier. Adani, after having taken leadership positions in India’s ports and power sectors, had become the largest airport operator in the country. No other business in the $15 billion Adani Group had seen such a meteoric rise. It took Adani a little over two years to lord over a quarter of the Indian aviation market, which was among the fastest growing in the world before COVID-19 struck. Despite the pandemic, the Indian aviation market is set to be the third largest in the world by 2024. The GVK Group, which was earlier running the airport in Mumbai, may take “the world class” bit in Adani’s statement as a backhanded compliment. …
More in Business
Business
This is what will dictate Waaree’s future
The solar module maker must fix a key metric—its cell utilization—before embarking on a costly capacity surge that can strain its balance sheet.
You may also like
Business
Can Adani pull off the 100% green AI promise?
The group’s $100 billion data centre push rests on solving clean energy’s toughest constraint: consistent, real-time renewable supply at scale.
Business
Why Adani Green’s rapid expansion is hurting its bottom line
The renewable energy firm’s profit plunges 99% to its lowest since 2020 as surging finance costs erase gains from record energy sales.
Business
The 72 hours that saw IndiGo unravel
A crew crunch, new regulatory norms and simmering discontent push India’s biggest airline into its biggest crisis yet, one that could seriously dent its reputation for reliability.