New Delhi: The Adani Group will acquire GVK Group’s stake in Mumbai Airport. The group, led by billionaire industrialist Gautam Adani, said on Monday that it had reached an agreement to buy the GVK Group’s stake in Mumbai airport and gain control. “Adani Airport Holdings has entered into an agreement to acquire GVK Airport Developers’ loan,” Adani Enterprise said in a notice sent to the stock exchanges. GVK Group has Mumbai International Airport Ltd. (Mayel) holds a 50.50 percent stake.
The loan will be converted into equity. Both companies have not disclosed the financial side of the deal. The information states that the Adani Group will also take steps to acquire the 23.5 percent stake in the Airports Company of South Africa (ACSA) and Bidvest in MIAL. For this, it has got the approval of the Competition Commission of India (CCI). After the completion of the deal, the Adani Group’s stake in Mumbai airport will be 74 percent with a 50.50 percent stake in GVK.
