Adani to acquire 23.5% stake in Mumbai airport, debt from GVK Group

Adani Airport Holdings (AAHL) will acquire a stake of 23.5% in Mumbai International Airport (MIAL). It will acquire also the debt of GVK Airport Developers.

Adani Airport Holdings (AAHL) will acquire a stake of 23.5% in Mumbai International Airport (MIAL). It will acquire also the debt of GVK Airport Developers.

“The Adani Group will also take steps to complete the acquisition of a 23.5 percent equity stake from ACSA and Bidvest in MIAL for which it has obtained CCI approval”. Adani Enterprise said in the BSE regulatory filing.

“AAHL intends to infuse funds into MIAL to ensure that MIAL receives much needed liquidity and also achieves financial closure of Navi Mumbai International Airport to be able to commence construction,” Adani Enterprises said.

GVK Airport Developers, subsidiary of GVK Group, owns a 50.5% stake in MIAL. Bidvest and Airports Company of South Africa own 13.5% and 10% of MIAL, respectively.

The Adani Group has received permission to operate the Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram airports through the Public Private partnership (PPP) model.

Recently, GVK said it has terminated its agreement with Abu Dhabi Investment Authority (ADIA), National Investment and Infrastructure Fund and Canada’s PSP for its airports business.

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