Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises, has established a new entity named Celeritas International FZCO in the UAE. The company announced that Celeritas will operate in the Jebel Ali Free Zone with an authorised and paid-up share capital of AED 100,000. However, the entity is yet to commence business operations, according to a stock exchange filing.

AAHL has a 74% interest in Celeritas International and there are no related party transactions involved in this acquisition.

In other developments, April Moon Retail Private Limited, a joint venture of Adani Airport Holdings, plans to acquire 74% stake in Cococart Ventures Private Limited for Rs 2 billion, as disclosed in a recent stock exchange filing.

Adani Enterprises, which runs the group’s businesses in airports, roads and data centres, has earmarked Rs800 billion for capital expenditure in the current fiscal. Of this, Rs500 billion has been allocated to airports and Adani New Industries. Adani Airports, which currently operates seven airports and is building an eighth facility in Navi Mumbai, has planned an investment of $21 billion over the next decade, group CFO Jugeshinder Singh said.

Since entering the airport sector in 2019, the Adani Group has become India’s largest private airport operator. Adani Enterprises reported a 116% YoY increase in consolidated net profit to Rs 14.54 billion for the first quarter of FY24, compared to Rs 6.74 billion in the same period last year. Revenue from operations rose 12% YoY to Rs 254.72 billion, up from Rs 226.44 billion in the corresponding period.