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Adani Group to pick GVK's entire stake in Mumbai airport | Adani Group to buy GVK Group's entire stake in Mumbai airport, becomes second largest private airport operator


Adani Group to pick GVK's entire stake in Mumbai airport

new Delhi. The Adani Group will acquire GVK Group's stake in Mumbai Airport. The group, led by billionaire industrialist Gautam Adani, said on Monday that it had reached an agreement to buy the GVK Group's stake in Mumbai airport and gain control. In a communication sent to the stock exchanges, Adani Enterprise said that Adani Airport Holdings has entered into an agreement to acquire the loan of GVK Airport Developers.

GVK Group holds a 50.50 percent stake in Mumbai International Airport Limited (MIAL). The loan will be converted into equity. Both companies have not disclosed the financial side of the deal. The information states that the Adani Group will also take steps to acquire 23.5 per cent stake in Airports Company of South Africa (ACSA) and Bidvest in MIAL. For this, it has got the approval of Competition Commission of India (CCI).

After the completion of the deal, the Adani Group's stake in Mumbai airport will be 74 per cent with a 50.50 per cent stake in GVK. The Adani Group, headed by industrialist Gautam Adani, aims to become the country's largest airport operator. The Adani Group recently received contracts to operate six airports. This includes Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram and Mangalore. The group is now eyeing the second busiest airport in the country. Airports Authority of India owns 10 percent and the remaining 26 percent of airport company South Africa in MIAL.

This post was published on August 31, 2020 1:04 pm

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