Adani One, ICICI Debut Airport Credit Cards

The cards come with several benefits designed to enhance the cardholders’ lifestyle and elevate their airport and travel experiences….reports Asian Lite News

Adani One and ICICI Bank on Monday launched what they termed India’s first co-branded credit cards with airport-linked benefits in collaboration with Visa.

These co-branded credit cards are available in two variants: the Adani One ICICI Bank Signature Credit Card and Adani One ICICI Bank Platinum Credit Card, Adani One said in a statement.

As per the company statement, the cards come with several benefits designed to enhance the cardholders’ lifestyle and elevate their airport and travel experiences.

They would offer up to 7 per cent Adani Reward Points on spends across the Adani Group consumer ecosystem like Adani One app, where one can book flights, hotels, trains, buses, and cabs; Adani-managed airports; Adani CNG pumps; Adani Electricity bills, and Trainman, an online train booking platform.

The rewards are “uncapped,” the statement said.

The cards also offer an array of benefits, including welcome benefits like free air tickets and airport privileges like premium lounge access, Pranaam Meet & Greet Service, porter, valet and premium car parking.

Card users also get privileges like discounts on shopping at duty-free outlets and on F&B spends at the airports, and benefits like free movie tickets and Adani Reward Points on groceries, utilities, and international spends.

The Adani One ICICI Bank Signature Credit Card carries an annual fee of Rs 5,000 with joining benefits worth Rs 9,000, while the Adani One ICICI Bank Platinum Credit Card has an annual fee of Rs 750 with joining benefits worth Rs 5,000.

This strategic partnership marked the Adani Group’s maiden venture into the financial sector.

Jeet Adani, Director of Adani Group, expressed his enthusiasm at the launch event, saying, “This unique partnership with ICICI Bank and Visa will set a new benchmark in customer experience and showcase our commitment to innovation and excellence.”

“The Adani One ICICI Bank Credit Cards are a window to a seamless digital ecosystem. By leveraging the Adani One platform, which integrates physical B2C businesses into the digital world, users will experience unparalleled convenience and accessibility.”

Rakesh Jha, Executive Director, ICICI Bank, said, “Through this launch, we intend to offer our customers rewards and benefits across the Adani Group’s consumer ecosystem, and strengthen the Bank’s credit card portfolio.”

Sandeep Ghosh, Group Country Manager, Visa India and South Asia said, “At Visa, we are delighted to partner with the Adani Group and ICICI Bank to bring these exciting co-branded credit cards to life, leveraging Visa’s trusted network and worldwide acceptance. These cards empower the globetrotting cardholders with an elite travel and shopping experience, both online and offline, elevating their convenience and travel experience. We look forward to continue enabling many more such offerings in the future.” (ANI)

AEL to expand biz

Adani Enterprises Ltd (AEL) on Tuesday announced to raise Rs 16,600 crore via qualified institutional placement (QIP) or other permissible mode in one or more tranches and in accordance with the applicable laws, as it aims to aggressively expand its businesses.

The board of directors at the flagship company of the Adani Group approved the raising of funds by way of issuance of such a number of equity shares having a face value of Rs 1 each of the company.

“The board has inter-alia approved raising of funds… for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (QIP) or other permissible mode in one or more tranches,” the company said in a regulatory filing.

On Monday, Adani Energy Solutions said its board approved a fundraise of up to Rs 12,500 crore through QIP or other modes, in one or more tranches.

The Adani Group has raised nearly $6 billion from top investors since the beginning of last year.

AEL registered a 32 per cent increase in consolidated EBITDA at Rs 13,237 crore in FY24, while profit before tax (PBT) surged 56 per cent to Rs 5,640 crore.

The emerging core infra businesses of Adani New Industries Ltd (ANIL) ecosystem, airports and roads made significant strides in their operational performance, the company said earlier this month.

According to the company, the contribution of these businesses to the overall EBITDA increased to 45 per cent for FY24, compared to 40 per cent in FY23.

For the fourth quarter (Q4) of FY24, AEL reported EBITDA at Rs 3,646 crore, as compared to Rs 3,974 crore in Q4 FY23.

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