Synovus Financial weighs merger options after drawing interest - Bloomberg
Investing.com -- Billionaire Gautam Adani’s conglomerate, Adani Airport Holdings Ltd., is contemplating making bids for ground handling services at two airports, Mumbai and Ahmedabad. The move comes as the company seeks to expand its business portfolio following India’s decision to exclude Turkish operator Celebi (IS:CLEBI) Hava Servisi AS.
The company, a closely held unit of the flagship Adani Enterprises (NSE:ADEL) Ltd., operates eight Indian airports, including the two it is considering bidding for, as well as an upcoming facility in Navi Mumbai. Arun Bansal, the Chief Executive Officer, confirmed the company’s consideration of the bids during an aviation industry event in New Delhi.
The potential expansion into ground handling services aligns with the conglomerate’s strategy of diversifying into sectors that complement its existing businesses. This move also looks to fill the void left by Celebi’s abrupt departure last month. Celebi’s operations were halted after India’s civil aviation security agency withdrew its security clearance on national security grounds.
Celebi previously operated at nine airports in India, including key facilities in the capital, New Delhi, and the commercial hub of Mumbai. The company’s exit came after Turkey expressed support for Pakistan during its recent armed conflict with India.
If Adani successfully wins the bids for the ground handling services in Mumbai and Ahmedabad, it will become the third ground handler at these facilities. Indian regulations stipulate that every major airport with annual passenger traffic of at least a million must have three ground handlers.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.