The Adani Group on Monday announced that it has acquired 74% stake in Chhatrapati Shivaji Maharaj International Airport in Mumbai. This ma...
The Adani Group on Monday announced that it has acquired 74% stake in Chhatrapati Shivaji Maharaj International Airport in Mumbai. This makes the group the second largest private operator in India after the GMR group, which operates Delhi and Hyderabad airports, according to Business Standard.
In a filing with stock exchanges, billionaire Gautam Adani’s company said it will buy 50.5% stake held by GVK Group and will take steps to acquire 23.5% stake of minority partners – Airport Company of South Africa and Bidvest Group. Airports Company South Africa and Bidvest Group hold 10% and 13.5%, stake respectively, of the Mumbai International Airport.
The acquisition will also give the Adanis ownership of the upcoming Navi Mumbai Airport, in which MIAL holds 74% stake.
“We would like to inform that Adani Airport Holdings Limited, the flagship holding company of Adani Group for its airports business (and a subsidiary of Adani Enterprises Limited) has entered into an agreement to acquire the debt of GVK Airport Developers Limited,” Adani Enterprises Limited said. “According to the agreement, AAHL will acquire the debt of GVK ADL from its airport lenders.”
The two firms did not give more financial details of the deal.
In March 2019, the Adani Group had agreed to acquire 13.5% stake of Bidvest Group for Rs 1,248 crore....
