Adani Group, a multinational conglomerate based in Ahmedabad founded by billionaire industrialist Gautam Adani, is considering entering a bid for Air India (AI, Delhi International), a source has told Moneycontrol.
“Adani Group has engaged advisors and is evaluating the submission of an expression of interest at this stage. Their interest is preliminary, and clarifications need to be sought from the government on the bidding process,” the source told the online business news website.
Another source said the group was looking at this opportunity but has “yet to take a final call”, explaining that “with this transaction, the group can diversify.”
An Adani Group spokesperson said, “We do not comment on market speculation.”
It would be the group’s entry into the domestic airline market, although it has a defence and aerospace division that focuses on private Indian defence firms.
It also runs another separate entity, Adani Airports, created for a bid that it won in February 2019 for a 50-year contract for the operation, management, and development of six airports owned by the Airports Authority of India, namely Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore Bajpe, and Thiruvananthapuram. The group has reportedly committed INR100 billion rupees (USD1.4 billion) in investment for its airport business by 2026.
The deadline for the submission of expressions of interest in the 100% acquisition of India’s flag carrier is March 17.
