The Adani Group is set to emerge as the largest player in the airports business in terms of number of projects as it struck a deal on Monday to acquire the controlling 74% stake in Mumbai International Airport (Mial) from the GVK Group and other partners. As part of the deal, it will also have control of 74% in the Navi Mumbai airport project.
The Adani Group through its Adani Airport Holdings (AAHL) will take over GVK Airport Developers’ debts, and also acquire Bidvest and Airports Company of South Africa’s stake in MIAL. GVK ADL is the holding company through which GVK Group holds 50.50% equity stake in Mumbai International Airport, which in turn holds 74% equity stake in Navi Mumbai International Airport.
“The Adani Group apart from acquiring the 50.5% stake of GVK Group will also acquire 10% of Airports Company of South Africa and 13.5% of Bidvest. The balance 26% is held by the Airports Authority of India (AAI).” (Source : financialexpress)
Bidvest and ACSA had earlier agreed to sell their stakes to Adani Group but the GVK group had moved court to block the deal citing the clause which gave it the right of first refusal. The GVK Group was given time to raise the funds for the same but it hasn’t been able to do so and finally capitulated to the Adani Group.
