Adani Airport Holdings (AAHL) will invest more than Rs 20,000 crore in the first phase of developing airport cities across six airports as it looks to turn its aviation assets into integrated commercial and urban hubs, diversifying revenues beyond the core airport business. The development programme, spread over 655 acres in Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur and Guwahati, will be executed through its wholly-owned subsidiary Adani Airport City (AACL). The first phase will see the development of around 22 million sq ft of commercial real estate comprising hotels, office spaces, retail, entertainment, convention centres and other lifestyle infrastructure.