Adani Enterprises (AEL) has inked concession agreements with the Airports Authority of India (AAI) for three airports. The agreements envisage developing and operating three airports including Ahmedabad, Lucknow and Mangaluru.

The agreements have been signed between AAI and AEL's wholly-owned subsidiaries, Adani Ahmedabad International Airport, Adani Lucknow International Airport and Adani Mangaluru International Airport.

Under the current agreements, AEL will stand to hold a management control for 50 year lease period as well as on a per-passenger fee model.

While AEL will pay Rs 3,600 crore to AAI as part of the lease, it will spend Rs 6,000 crore on the airports for the next seven years post-takeover. Meanwhile, approvals for Guwahati and Jaipur airports are awaited from the state governments while Kerala government has challenged the Thiruvananthapuram airport bid of AEL in court.