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Cabinet okays leasing out of 3 major airports to Adani

Adani Enterprises had quoted the highest bid for these airports, for operation, management and development under PPP for a lease period of 50 years
New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi has approved the proposal for leasing out of three airports — Ahmedabad, Lucknow and Mangaluru of Airports Authority of India (AAI) — through Public Private Partnership (PPP) to Adani Enterprises Ltd on Wednesday. The approval to lease out two other airports secured by Adani earlier this year are yet to come from the Cabinet. Adani Enterprises had quoted the highest bid for these airports, for operation, management and development under PPP for a lease period of 50 years as per the terms and conditions of the bid documents.

‘Projects will bring enhanced revenues to AAI’

“These projects will bring efficiency in delivery, expertise, enterprise and professionalism apart from harnessing the needed investments in the public sector. This will also result in enhanced revenues to the AAI, which may lead to further investment by AAI at Tier II and Tier III cities and economic development in these areas in terms of job creation and related infrastructure,” an official statement said.

The backdrop

Adani Enterprises Ltd had bagged five out of six bids to operate airports in the country in February. Adani had secured bids to run airports in the cities of Ahmedabad, Lucknow, Jaipur, Mangaluru and Trivandrum. The AAI had put the airports on sale and had invited bids from private players in December last year to operate, fund and develop six airports for 50 years.