Gautam Adani led firm submits new investment proposal for...

Gautam Adani is the second richest man in India with a massive net worth of USD 102 billion or 854120 crore, as per the Bloomberg Billionaires Index. The billionaire continues to expand its business empire with his Adani Group. Now, Adani Airport Holdings Ltd (AAHL), part of the diversified Adani Group, has submitted investment proposal to upgrade Nairobi airport, said Kenya Airports Authority (KAA) on Wednesday, PTI reported. 

The investment proposal under the public-private partnership has been submitted for Nairobi's Jomo Kenyatta International Airport (JKIA). Currently, AAHL manages seven airports in India and is also developing the Navi Mumbai airport. AAHL has plans to expand its airport operations.

In a statement, JKIA Managing Director and Chief Executive Officer Henry Ogoye said the proposal came following the Kenyan government approving a medium-term investment plan for the upgradation of the passenger terminal building, runway, taxiway and apron at the Nairobi airport.

"Kenya Airports Authority (KAA) received an investment proposal under the Public Private Partnerships Act 2021 from the Adani Airport Holdings Limited, a key airport operator, to invest in a new passenger terminal building, second runway and refurbishment of the existing facilities at JKIA," Ogoye said in the statement posted on X.

PRESS STATEMENT: The Kenya Airports Authority (KAA) releases an official statement on the JKIA Concession Proposal. We remain committed to enhancing infrastructure & service quality at JKIA. Read the full statement below for detailed information. pic.twitter.com/5dwjJ7i3nv

— Kenya Airports Authority (@KenyaAirports) July 24, 2024

JKIA was built in 1978 and is a strategic national asset. "Its ageing infrastructure is a threat to our regional competitiveness," he said. AAHL's proposal will be subjected to technical, financial and legal reviews alongside requisite due processes in compliance with the Public Private Partnerships Act 2021, he said.

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As per the statement, the project agreement will be followed by stakeholder engagement besides the approval from the National Treasury and the Attorney General clearance as well as the Cabinet approval.

(With inputs from PTI)