The AAHL will begin the construction of Navi Mumbai International Airport in August and complete the financial closure in the next 90 days, the company said in the statement. The new international airport will be commissioned in 2024.

“Our larger objective is to reinvent airports as ecosystems that drive local economic development and act as the nuclei around which we can catalyse aviation-linked businesses. These include metropolitan developments that span entertainment facilities, e-commerce and logistics capabilities, aviation dependent industries, smart city developments, and other innovative business concepts,” said Gautam Adani, Chairman, Adani Group.

“Our airport expansion strategy is intended to help converge our nation’s Tier-I cities with Tier-II and Tier-III cities in a hub and spoke model. This is fundamental to enabling a greater equalisation of India’s urban-rural divide, as well as making international travel seamless and smooth.