9MAY 2024GROWING MIDDLE CLASS CONTRIBUTING TO AIRLINE GROWTH: ING BANKADANI ENERGY SOLUTIONS ACQUIRES ESSAR TRANSCO FOR RS 1,900 CROREIndia is expected to be a power house for future airline growth driven by the eagerness of people to travel and growing population, according to a report. In a report, the Netherlands-based ING Bank NV said India is set to deliver strong structural growth figures, and airlines are preparing for this with historically large orders for new aircraft from carriers Indigo and Air India."The country plans to open a range of new airports, and strategically located countries - such as the UAE, with the world's second largest airport in terms of passenger traffic in Dubai - are anticipating strong transit passenger growth from Asia," it said.The report focusing on the outlook for the global aviation sector also noted that the long-term global growth outlook -- 20 years -- has generally been tempered in the post pandemic era to a range of 3-4 per cent annually instead of 5-6 per cent, with Europe seeing the lowest growth figure.Further, it said that one of the main reasons is that flying is set to become significantly more expensive with rising costs of emissions.Domestic travelling within large countries was the area first to recover, with its average already hitting pre-pandemic levels last year. But differences across regions are prevalent, the report said and added that in the US and China, traffic figures started 2024 beyond pre-pandemic levels."Domestic travelling in India and China will continue to push global airline growth (more on this below). But more importantly, lagging international (and intercontinental) travelling is returning with more strength, and this will propel airline mileages in 2024," it added. Adani Energy Solutions (AESL), an electric power distribution company, said it has concluded the acquisition of Essar Transco for an endeavor worth 1,900 crores subsequent to getting essential endorsements. The organization had consented to arrangements for the contract in June 2022. It contains the completely functional 400 kV, 673 circuit km between the state transmission line connecting Mahan in Madhya Pradesh to the Sipat pooling substation in Chhattisgarh. Adani Transmission Stage Two (ATSTL), a completely owned subsidiary, made the acquisition. Upon completion, Essar Transco became a subsidiary of ATSTL and the step-down entirely claimed subsidiary Adani Energy.The acquisition is in accordance with the organization's worth-added development system by tapping natural as well as inorganic opportunities, as per AESL. "With this acquisition, the company's cumulative network will reach 21,182 km, out of which 18,109 km is operational and 3,073 km is under various stages of execution," it added.The extended size of activities will permit Adani Energy to secure combinations regarding upgrading activity, support expenses, and asset sharing.The Adani Group's journey in the transmission sector began in 2006, long before Adani Energy Solutions Limited (AESL) was officially settled. This was required to empty power from Adani's Mundra thermal power plant. The devoted lines appointed for power evacuation crossed more than 3800 km, associating Mundra--Dehgam, Mundra--Mohindergarh and Tirora--Warora.
< Page 8 | Page 10 >