February 26, 2024
Adani-owned Udanvat Approaches GIFT City to Set Up Aircraft Leasing Unit

Adani-owned Udanvat Approaches GIFT City to Set Up Aircraft Leasing Unit

As per the latest Adani updates, Udanvat Leasing IFSC Limited, a wholly-owned subsidiary of APSEZ, has recently approached IFSC GIFT City to set up an aircraft leasing unit in the country. Over the next five years, the company will invest INR 555 crores for various activities to take part in the project. This is yet another big venture being taken up by the Adani Group. It will help the conglomerate walk the path of success in the upcoming years. The Adani Group already owns and operates several major airports in the country. With this project being operational, it will take up the position of being one of the biggest airport authorities in the country. It will also be able to diversify its portfolio further and offer our country the desired economic growth and prosperity.

Adani-owned Udanvat Approaches GIFT City to Set Up Aircraft Leasing Unit

Contents

Plans to Set Up Aircraft Leasing Unit in GIFT City:

The estimated Free on Board (FOB) value for the export of services over five years is expected to be INR 304 crores. The funding will come from the promoter company as a loan. The net foreign exchange outgo for the proposal would be around INR 250 crores. Over the next few years, the company plans to conduct various activities, which include acquiring, leasing, procuring, managing, and selling aircraft and different related parts. The company also has plans to buy aircraft and lease them further as a part of the business strategy.

Udanvat, in recent Adani updates, has mentioned that it will employ three new employees to operate the project. This includes Gudena Jagannadha Rao, the director of Adani Ports and Special Economic Zone, Pranav Choudhary, the joint President and head of APSEZ, and Ajithkumar Pathak, the associate manager of Adani Enterprises. These three individuals will be mainly responsible for the various proceedings of the project. They will also strongly supervise the project operations.

In a recent exchange filing, Adani Ports and Special Economic Zone, the port and shipping wing of the Adani Group, said that Udanvat Leasing IFSC Limited will be a wholly-owned aircraft leasing company. The company will have INR 2.5 crores of authorised and paid-up share capital. Adani Ports will hold the complete stake in the subsidiary. Udanvat will be situated in the Gujarat International Finance Tec-City, which is yet to begin operations. Once the procedures for the project begin, our aircraft sector will become much more enhanced. Our country will also start attracting investors from various corners of the world.

Adani Group’s Foray into The Airport Sector:

The Adani Group has always been an integral part of India’s airport sector. It has control over 25% of the total national traffic. It currently has seven operational airports under its control, including the major airports at Lucknow, Mumbai, and Ahmedabad. It is also currently working on developing the Greenfield airport in Navi Mumbai. Adani Airport Holdings has a big role in shaping the country’s aviation sector. The Adani Group has also established the Adani Aviation Fuels Limited in September 2022. The company’s main aim is to transport, supply, and trade aviation-related fuel. This helps in the further expansion of the aviation industry.

Since its initial days of operation, the Adani Group has always been really interested in shortening the boundaries and offering our country excellent exposure on a global scale. With this aim in mind, the company started to extend its hold over the ports and airport sector. It is one of the major port operators in the country. It also has been relentlessly working towards revamping the airports to accommodate greater footfall. This will allow people from around the world to be well-connected to India. This is also going to lead to enhanced business operations. Because of the work being done by the Adani Group in the airport sector, it has been able to attract the attention of investors.

Conclusion: 

In this way, the Adani Group has always been one of the flagbearers in leading India to economic growth and prosperity. It has never backed out from taking up new ventures time and again. The business group has also established itself as one of the biggest global conglomerates. As time progresses, we can expect more such remarkable ventures from the subsidiaries operating under the Adani Group.

For more Adani updates, keep following us, and we will share all the latest details.

Deepak

After working as digital marketing consultant for 4 years Deepak decided to leave and start his own Business. To know more about Deepak, find him on Facebook, LinkedIn now.

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