Adani Enterprises Ltd, the flagship of the Adani Group, is preparing for a fresh round of value creation by listing its key subsidiaries — spanning airports, metals, roads, and data centres — between 2027 and 2031, according to people familiar with the matter.

The move marks the company’s second phase of strategic listings, following its successful 2016–2020 run that saw Adani Total Gas, Adani Green Energy, and Adani Wilmar debut on the bourses. As several large assets mature over the next three years, Adani Enterprises aims to capitalize on the growth momentum across these verticals, mirroring its earlier model of unlocking substantial shareholder value, according to a report by The Economic Times.

“By 2027-28, the company expects the EBITDA of the airport’s business to be about three times its current size. The copper and other materials businesses will be fully operational and ready to list,” one of the sources said.

The Ganga Expressway and seven other road projects are also likely to be completed over this period, the person said.

The Adani Group is the largest private operator of airports in the country, with eight airports in its fold. This business is housed under wholly-owned subsidiary Adani Airport Holdings, which also owns seven operational airports in Mumbai, Lucknow, Ahmedabad, Jaipur, Guwahati, Thiruvananthapuram and Mangalore.

The airport’s business had earnings before interest, tax, depreciation, and amortization of ₹1,062 crore in the September quarter, having grown 43% as compared to the previous year.

The Adani Group has begun the first phase of city-side development, spread across 114 acres, at its airports across Mumbai, Ahmedabad, Jaipur, Lucknow, and Guwahati. The business is targeting the non-aero segment, emerging as a major contributor to the company’s revenue and operating profit.

In its metals business, Adani Enterprises is aiming for second-largest portfolio after Vedanta in the next few years.

Adani Roads Transport-also fully owned by Adani Enterprises-had an EBITDA of ₹930 crore in the first half of the current fiscal. The business has operationalized its seventh project, while seven others are currently being constructed.

This second round of listing in Adani Enterprises is expected to mirror its first phase of value creation, with the newer verticals potentially unlocking significant shareholder wealth over the coming decade.