Adani Group acquires 74 per cent stake in Mumbai International Airport
Adani Group has acquired 74 per cent stake in Mumbai International Airport Limited (MIAL) that operates India’s second largest airport in Mumbai. Under the transaction Adani Group will acquire 50.5 per cent stake of GVK group. With six airports already in kitty, this will make the group the second largest private airport operator after GMR group which operates Delhi and Hyderabad airports. The acquisition will also give Adani's ownership of the upcoming Navi Mumbai airport in which MIAL holds 74 per cent stake.
In a regulatory filing, Adani Airport Holdings has said, "entered into an agreement to acquire the debt of GVK Airport Developers.”
GVK Group holds 50.50 percent equity stake in Mumbai International Airport Limited (MIAL). The debt will be converted into equity.
"The Adani Group will also take steps to complete the acquisition of a 23.5 percent equity stake from ACSA (Airports Company of South Africa) and Bidvest in MIAL for which it has obtained the Competition Commission of India's approval," it added.
Together with 50.50 percent stake of GVK, Adani's total holding in Mumbai airport will be 74 percent after completion of the transaction.
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