Adani Enterprises, the flagship of the Adani Group, is preparing for another major wave of growth and value creation by planning listings of several of its subsidiaries including airports, metals, roads, and data centres between 2027 and 2031 according to sources familiar with the plans.
Over the next few years, key assets are expected to reach maturity, paving the way for fresh public offerings. This strategy echoes the company’s previous expansion from 2016 to 2020 when businesses like Adani Total Gas, Adani Green Energy, and Adani Wilmar were successfully listed.
By 2027 to 2028, the airport business alone is projected to triple its current EBITDA, while the copper and other materials segments will be fully operational and ready for listing one source said. Several large infrastructure projects including the Ganga Expressway and seven other roads are also likely to be completed in this timeframe.
Adani Enterprises did not respond to queries sent by the press.
Currently, the Adani Group is India’s largest private airport operator, managing eight airports through its wholly owned subsidiary, Adani Airport Holdings. The subsidiary oversees seven operational airports in Mumbai, Lucknow, Ahmedabad, Jaipur, Guwahati, Thiruvananthapuram, and Mangalore. The airport business reported EBITDA of ₹1,062 crore in the September quarter, marking a 43 percent increase from the previous year.
The group has also begun developing city side infrastructure across 114 acres at airports in Mumbai, Ahmedabad, Jaipur, Lucknow, and Guwahati. The focus on non-aero revenue is emerging as a key driver of profits.
In metals, Adani Enterprises is aiming to become the second largest player in India, trailing only Vedanta, over the next few years.
Adani Roads Transport, another fully owned subsidiary, recorded an EBITDA of ₹930 crore in the first half of the fiscal year. While seven road projects are under construction, the seventh project has already become operational.
This upcoming round of listings is expected to mirror the success of the first phase, unlocking significant shareholder value across these newer business verticals in the decade ahead.
