Indian Conglomerate Adani Group plans to separate its airport business from its holding entity, Adani Enterprises Ltd, marking the initial step in preparation for a public listing of Adani Airports. The group is expected to raise $500mn through a private sale of shares in Adani Airport Holdings before its IPO. The conglomerate currently controls the Mumbai Airport, the second busiest airport in India, and other regional facilities. The group aims for a valuation of about INR 255-292bn ($3.5-4bn). This comes after several discussions with company officials and bankers and the group is allegedly waiting for air travel to increase before the year-end listing. After entering the airport sector in 2019, Adani Airports is India’s top airport operator, servicing at least 10% of the nation’s air traffic. Currently, the conglomerate has more than INR 1,470bn ($20bn) in debt following recent acquisitions in the port, power and airport sectors, as per ET.

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