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  Business   In Other News  31 Aug 2020  Adani Group seals deal to take control of GVK's Mumbai airport

Adani Group seals deal to take control of GVK's Mumbai airport

PTI
Published : Aug 31, 2020, 11:30 am IST
Updated : Aug 31, 2020, 11:30 am IST

Adani Airport Holdings has "entered into an agreement to acquire the debt of GVK Airport Developers," Adani Enterprise said

 Adani Group to pick 74 pc stake in Mumbai airport. (PTI Photo)
  Adani Group to pick 74 pc stake in Mumbai airport. (PTI Photo)

New Delhi: Billionaire Gautam Adani's Adani Group on Monday said it has reached an agreement to acquire GVK Group's shareholding and control of Mumbai airport.

Adani Airport Holdings has "entered into an agreement to acquire the debt of GVK Airport Developers," Adani Enterprise said in a regulatory filing.

 

GVK Group holds 50.50 per cent equity stake in Mumbai International Airport Limited (MIAL). The debt will be converted into equity.

The two firms did not give further financial details of the deal.

"The Adani Group will also take steps to complete the acquisition of a 23.5 per cent equity stake from ACSA (Airports Company of South Africa) and Bidvest in MIAL for which it has obtained Competition Commission of India's approval," it added.

Together with 50.50 per cent stake of GVK, Adani's total holding in Mumbai airport will be 74 per cent after completion of the transaction.

Tags: adani group, gautam adani, gvk group, gvk power & infrastructure ltd, mumbai international airport ltd
Location: India, Delhi, New Delhi