The Centre is preparing to monetise the Airports Authority of India's (AAI) minority holdings in Delhi and Mumbai airports, with the proposed transactions expected to form part of the National Monetisation Pipeline (NMP) 2.0, according to official sources.
AAI owns a 26 per cent stake in both Delhi International Airport Ltd (DIAL) and Mumbai International Airport Ltd (MIAL). Citing sources, Financial Express reported that the stake sale process could begin in the coming months, with the government looking to unlock value from mature infrastructure assets.
According to the report, the Centre expects equity disinvestment through AAI under NMP 2.0 to generate around Rs 2,800 crore in FY27 and another Rs 2,950 crore in FY28.
The proposed transactions are likely to be executed through private placements. Apart from the holdings in Delhi and Mumbai airports, the government also plans to monetise AAI's stake in one of its subsidiaries and four joint venture airports under the programme.
The report said the proposed divestment has gained momentum as the government looks for additional financial resources amid rising expenditure.
According to them, fiscal pressures linked to the US-Iran conflict have increased the urgency of monetisation plans. The geopolitical situation and resulting oil supply disruptions have led to higher fertiliser subsidy requirements while also creating fresh spending commitments to shield various sectors from the impact.
According to the report, the proposed stake sales are expected to attract significant investor interest because of the scale and commercial strength of both airports.
DIAL, in which GMR Airports Ltd owns 64 per cent, Germany's Fraport AG holds 10 per cent and AAI owns the remaining 26 per cent, handled around 65 million passengers in FY23. Passenger traffic rose to approximately 74 million in FY24.
MIAL, which is 74 per cent owned by the Adani Group, handled around 53 million passengers in FY24 and about 55 million in FY25.
The two companies oversee the development, operations and commercial management of Delhi and Mumbai airports respectively. Sovereign functions, including security, immigration and air traffic control, remain outside their responsibilities.
Previous transactions suggest that investors continue to see value in airport infrastructure assets.
In 2025, Fairfax India Holdings acquired an additional 10 per cent stake in Bangalore International Airport Ltd (BIAL) from Siemens Project Ventures GmbH for $255 million (around Rs 2,116 crore).
Earlier, in 2021, Adani Airport Holdings bought a 23.5 per cent stake in Mumbai airport from ACSA Global and Bid Services Division for Rs 1,685 crore.
According to the report, these deals reflect healthy demand for airport assets, which is expected to support the government's plans to monetise AAI's holdings in Delhi and Mumbai airports.
