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Indian billionaire Gautam Adani’s conglomerate is exploring a possible entry into the airline business, a move that could disrupt an Indian aviation market currently controlled by just two major carriers, according to two people familiar with the discussions. The consideration marks a potential shift in direction for the group, which runs eight airports across India, including two serving Mumbai, and is midway through an expansion plan worth 11 billion dollars. The group had previously indicated it had no plans to enter the airline sector. According to one of the sources, who spoke on condition of anonymity because they were not authorized to discuss the matter publicly, no final decision has been reached and the idea remains under internal review, partly because the airline business is widely seen as difficult to run profitably. The source said Indian officials have privately encouraged large business groups, including Adani’s, to consider launching a carrier following heightened scrutiny of Air India after a fatal crash in Ahmedabad last year, along with operational breakdowns at market leader IndiGo that disrupted air travel nationwide in December. The source characterized Adani’s interest as motivated partly by a sense of national interest, noting that the government has grown concerned that the country needs another major airline given the troubles at both existing carriers. Shares of Adani Enterprises fell more than 3 percent on Thursday following the report. Internal talks about a possible airline venture remain in early stages, and the group has not set a timeline for a decision. Adani ranks as Asia’s second wealthiest individual, with a net worth of roughly 89 billion dollars, though entering the airline industry would represent one of the riskier moves of his business career. Several Indian carriers, including Kingfisher, Jet Airways and Go First, have collapsed into bankruptcy over the past fifteen years amid high taxes, intense competition and supply chain problems. While Adani has aggressively expanded his footprint in ports and airports, he has also spent time since 2024 contending with United States allegations that he paid bribes to secure a solar energy project. Those charges were dropped by American prosecutors earlier this month. India remains one of the fastest growing aviation markets in the world, but the sector has faced persistent concern over its lack of competition. IndiGo currently holds about 65.4 percent of the domestic market, while Air India controls roughly 25 percent, leaving little room for smaller players. The Indian government has said it wants to expand the country’s airport network to between 350 and 400 facilities by 2047, up from 74 in 2014, as passenger traffic climbs and airlines place record aircraft orders with Boeing and Airbus. Rajan Mehra, the former India head of Qatar Airways, said an Adani led entry into aviation could reshape the sector, though he added that regulators would need to ensure strong safeguards and a level playing field for all carriers going forward. One option under consideration is acquiring a stake in an existing airline rather than building a new one from scratch, according to the second source, who said the group is keeping all possibilities open. The government’s push for new entrants comes after it warned IndiGo in December that it could face regulatory action following a wave of flight cancellations triggered by a pilot shortage. That crisis stranded thousands of passengers and prompted officials to intervene to curb a sharp spike in airfares. The broader push toward breaking up India’s aviation duopoly reflects a pattern seen in other fast growing emerging markets, where regulators and governments have historically encouraged new entrants once dominant carriers show signs of strain, though such efforts have a mixed record of success given the industry’s notoriously thin margins and high capital requirements.