'We may be in a position to list AAHL in 2 to 3 years'

We are doing that.

Have you thought of speeding up the construction of phase 2 and phase 3 of the Navi Mumbai airport?

Earlier, the plan was to start the construction of phase 2 from 2027 or 2028, but we have decided to start phase 2 from next year itself...

You plan to list AAHL but you want to address certain trigger points. What are those?

The trigger points include commercialisation and stabilisation of the Navi Mumbai airport in the first phase, which we will see in the next one year. Going to the first phase of our city side development around airports will also be an important factor. The leasing out of space in the city side development will start in 2028-29. So, even if pre leasing starts, it will show that our business model works. The third thing is our non-aero revenue growth. The non-aero revenues at our airports has grown by almost three times since when we started our airport business. It is not going to continue at that level because it is now maturing... Over the next two years, there are going to be continuous step jumps in non-aero growth and it will reach a point where it itself is going to become a sizeable revenue generator. Once these things happen, AAHL's Ebitda, which is about $300 million today, will go up to $1-1.5 billion. So, from an investor point of view, they have the confidence that what the AAHL is doing makes sense.

So, when you reach the target of $1-1.5 billion Ebitda, will you be confident enough to list AAHL? Correct. So, not all three of the triggers need to be done before we go into a demerger. But at least, one or two out of the three needs to be done so that we demonstrate a sizeable part of our business plan... Once we are at that level of about $1 billion Ebitda, we will be comfortable to list this business and demonstrate value growth... It will be two to three years from now.