Mumbai, Nov. 11 -- Billionaire Sajjan Jindal-led JSW Group has ruled out bidding in the government's latest airport privatization round-at least for now. The decision came after an internal review concluded that airports are "a quasi-real estate play." However, JSW remains open to reconsidering its stand if bigger city airports, including Kolkata and Chennai, are opened up for private participation. "We set up a small team to study the airport business. We evaluated the pros and cons, the investment required, and the returns. We realized it is a kind of real estate investment. We felt it doesn't fit into any of our existing businesses," Parth Jindal, managing director of JSW Cements and JSW Paints, told Mint. The team, formed under JSW Infrastructure and including Ashwin Noronha, former chief operating officer at Mumbai International Airport, conducted the review and said the smaller assets are not profitable. In the latest privatization round, 11 airports of the Airports Authority of India (AAI) will be offered to private operators under the public-private partnership model in five bundles: Amritsar-Kangra, Varanasi-Gaya-Kushinagar, Bhubaneswar-Hubballi, Raipur-Aurangabad and Tiruchirappalli-Tirupati. Bidding is expected to start next month, and the government expects to get at least Rs.8,600 crore from this round, Mint reported on 25 August. Jindal said the smaller airports could make business sense for existing operators looking to expand their portfolios. "The major airports are taken. The 11 airports that are coming up (for auction) are smaller in size. It is not viable for us, so it doesn't make sense. The larger airports are taken. If and when Kolkata and Chennai airports come to play, we may review our decision," Jindal said. The top six airports in India accounted for 60% of air traffic in the country in FY26. Topping the list was New Delhi airport, which handled 78.7 million passengers, followed by Mumbai (55.3 million). Bengaluru (44.47 million), Hyderabad (30.48 million), Chennai (23.3 million) and Kolkata (22 million) made up the remaining four. Private airports in India are operated by two major conglomerates. The business is dominated by the Ahmedabad-based Adani Group, which operates eight airports including Mumbai and Navi Mumbai, and GMR Airports, which runs six including Delhi, Hyderabad and Goa. AAI, the government-owned firm, manages 137 airports, including 24 international ones. "Airport entry has a credible strategic logic. JSW's port experience provides relevant capabilities in financing, project execution, concession management and government coordination," said Saptarshi Purkayastha, professor of strategic management at the Indian Institute of Management Calcutta. JSW Infrastructure is India's second-largest private port and terminal operator. "However, metropolitan airports require additional expertise in passenger services, airline relationships, security compliance and commercial revenues. Dedicated airport leadership, an experienced operating partner and carefully phased commitments would strengthen the case. The attractiveness of airports ultimately depends on the terms of entry and the capabilities JSW builds," Purkayastha said. Entering the airport business was part of JSW's broader search for opportunities beyond its traditional steel business. Over the years, the group has expanded into power, infrastructure, cement, paints and real estate. "I see this as an acceleration of JSW's evolution into a diversified industrial group, with steel continuing as its anchor," said Purkayastha. "The central test is whether group ownership helps each business perform better through capital allocation, execution and partnerships. Diversification also offers only partial protection from downturns because many of these businesses remain exposed to India's investment and consumption cycle."...