Recently Adani Enterprises has taken an important step which can further increase their influence in the aviation sector. The company has acquired 99% stake in Aviserv Facilities Private Limited and Aviground Facilities Private Limited. This acquisition has been done through their wholly owned subsidiary Adani Airport Holdings Limited (AAHL).
Acquisition cost and process
A total investment of Rs 1.98 crore has been made for this acquisition. In Aviserv, AAHL acquired 9,90,000 equity shares of Rs 10 face value for Rs 99 lakh, and in Aviground a similar amount of 9,90,000 equity shares was acquired for Rs 99 lakh.
Expertise of both companies
Aviserv, established in March 2021, and Aviground, established in February 2021, specialize in non-aeronautical services at Mumbai Airport. Aviserv’s services include passenger check-in, lounge access, baggage handling, meet and greet services like immigration process and transportation. Aviground, on the other hand, offers general aviation terminal services.
Financial Performance and Objectives
In FY 2023-24, Aviserv reported a turnover of Rs 59.38 crore while Aviground’s turnover stood at Rs 11,000. This acquisition is primarily aimed at improving the passenger experience at Mumbai Airport.
On November 29, shares of Adani Enterprises closed at Rs 2462.25, up 1 per cent, on the BSE, giving the company a market cap of Rs 2.84 crore. This acquisition is an important step towards the expansion of Adani’s airport services.
