Adani to purchase controlling stake in Mumbai airport


New Delhi, August 31

Billionaire Gautam Adani’s conglomerate on Monday stated it is going to take controlling stake in Mumbai airport by way of offers through which it is going to purchase the debt of present promoter GVK and purchase out minority shareholders.

Adani Group will purchase GVK Airport Developers Ltd’s 50.50% stake in addition to purchase out 23.5% stake of Airports Company of South Africa (ACSA) and Bidvest Group (for which it has obtained Competition Commission of India approval), it stated in a regulatory submitting.

Largest non-public airport operator

  • Adani Group will purchase GVK Airport Developers Ltd’s 50.50% stake and purchase out 23.5% stake of Airports Company of South Africa and Bidvest Group, it stated
  • A controlling 74% stake in Mumbai International Airport Ltd., along with the six non-metro airports it bagged in a authorities tender, will make Adani Group the biggest non-public operator of airports in India
  • Adani Airport Holdings will purchase the debt of GVK Airport Developers, the  holding firm of GVK Power and Infrastructure

A controlling 74% stake in Mumbai International Airport Ltd (MIAL), along with the six non-metro airports it bagged in a authorities tender, will make Adani Group the biggest non-public operator of airports in India.

State-run Airports Authority of India (AAI) runs many of the airports within the nation. Adani Airport Holdings will purchase the debt of GVK Airport Developers, the holding firm of GVK Power and Infrastructure, the submitting stated.

The debt shall be transformed into fairness at mutually-agreed phrases, GVK stated in a separate submitting. This conversion would result in Adani Group getting all of 50.5% stake of GVK Group.

The two corporations didn’t give particulars of the deal together with the debt that Adani is taking up and the phrases of conversion.

After seaports, Adani Group is betting large on the airport sector and has gained the bids to run six AAI-built non-metro airports in Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram, and Mangalore. It has now entered the nation’s second busiest airport. The transfer comes at a time when the Covid pandemic has hit brakes on the aviation sector. — PTI



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