Adani Airports to acquire controlling interest in Mumbai Airport

Adani Group to become amongst India’s largest airport operators with seven airports, and catering to over 75 million passengers per annum. To help settle lenders, infuse liquidity in Mumbai Airport and commence development of Navi Mumbai International Airport.

Yogita S.
Published on: 31 Aug 2020 10:39 AM GMT
Adani Airports to acquire controlling interest in Mumbai Airport
X
Adani Group (Social Media)

Ahmedabad: Adani Airport Holdings Limited (“AAHL”), the flagship holding company of Adani Group for its airports business (and a subsidiary of Adani Enterprises Limited (“AEL”)) has entered into an agreement to acquire the debt of GVK Airport Developers Limited (“GVK ADL”).

GVK ADL is the holding company through which GVK Group holds 50.50% equity stake in Mumbai International Airport Limited (“MIAL”), which in turns holds 74% equity stake in Navi Mumbai International Airport Limited (“NMIAL”).

According to the agreement, AAHL will acquire the debt of GVK ADL from its airport lenders.

Adani Group to complete the acquisition of a 23.5% equity stake from ACSA:

The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition, to release of the guarantee given by GVK Power and Infrastructure Limited with respect to the debt acquired by it. The Adani Group will also take steps to complete the acquisition of a 23.5% equity stake from ACSA and Bidvest in MIAL for which it has obtained CCI approval. Upon the acquisition of the debt of GVKADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL.

Adani to become India’s largest airport operators:

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 Group to become amongst India’s largest airport operators with seven airports, and catering to over 75 million passengers per annum. To help settle lenders, infuse liquidity in Mumbai Airport and commence development of Navi Mumbai International Airport.

ALSO READ: Supreme Court allows reservation for in-service doctors in PG Admission

Stay tuned with the newstrack to get fastest updates. Click @englishnewstrack to follow us on Facebook and @newstrackmedia to follow on Twitter.

Yogita S.

Yogita S.

Media Graduate, News Editor and PR Enthusiast.

Next Story