The Adani Group has unveiled an ambitious five-year with an investment of $11bn for its airports business, even as it made it clear that it has no intention of entering the airline sector in India’s fast-growing aviation market.

Jeet Adani, Director at Adani Airports Holdings Ltd. and son of billionaire Gautam Adani, said, while speaking to PTI that the group’s focus will remain firmly on building and operating airport infrastructure, which it considers its core strength.

The Adani Group plans to bid for all 11 airports that the Union government is preparing to lease out to private operators. These include key airports such as Amritsar and Varanasi. The government aims to increase the total number of airports in India to 350–400 by 2047, up from the current 163, as part of its long-term aviation growth strategy.

“We will be bidding for all of them,” Jeet Adani said, underlining the group’s aggressive expansion plans in the airport sector.

This expansion push comes at a time when India has emerged as one of the fastest-growing aviation markets in the world. According to the International Air Transport Association (IATA), around 174 million passengers travelled to, from, and within India by air in 2024, about 10% more than the previous year. Indian airlines have also placed orders for over 1,300 aircraft since 2023, signalling strong long-term growth in air travel demand.

Despite this growth, the Adani Group has ruled out entering the airline business, which is currently dominated by IndiGo and Air India. Jeet Adani cited thin profit margins and the complexity of running airlines as key reasons behind this decision. “You need to have a certain mindset to run an airline. I don’t think we have that mindset,” he said. “Our comfort and our core competency lie in creating hard assets on the ground like long-gestation assets and running them efficiently.”

In contrast to airlines, which are vulnerable to fuel price volatility, intense competition, and operational disruptions, airport infrastructure offers stable, long-term returns, making it a better strategic fit for the group.

Adani Airports is already the largest airport operator in India by number of airports, managing seven airports across the country. However, in terms of passenger traffic, the GMR Group remains the largest operator.

A major milestone for Adani Airports is the Navi Mumbai International Airport, the first airport the group has built from scratch. The airport is scheduled to begin operations on December 25, marking a significant step in easing congestion at Mumbai’s existing airport and boosting regional connectivity.

On the possibility of a public listing, Jeet Adani said there is no fixed timeline for an initial public offering (IPO) or a demerger of the airports business. Any such move would depend on the company meeting certain milestones, including becoming cash-positive.

With its focus on airports rather than airlines, the Adani Group is positioning itself as a long-term infrastructure player in India’s aviation ecosystem.