Recently, the Adani group was in discussions on acquiring a stake in one of the leading airports a leading daily reported on Monday. The group controlled by billionaire Gautam Adani plans to acquire the 50.5 % stake held by the GVK Group in MIAL and a further 23.5% from GVK’s minority partners—Airports Company South Africa (ACSA) and the Bidvest group, giving it majority control of the second-busiest airport in the country, as per the report. The remaining 26% stake is held by the state-run Airports Authority of India (AAI).
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Primary talks between the two business groups have begun and a preliminary announcement regarding the deal is supposed to be made in the coming weeks, according to a leading daily. The Adani Group had in March 2019 agreed to buy South African company Bidvest’s 13.5% stake in MIAL for ₹1,248 crores, indicating its interest in running the airport. GVK, however, blocked the deal claiming the right of first refusal, although it was not able to exercise the right by making a matching offer.
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In October, GVK agreed to sell its 79% stake in GVK Airport Holdings for ₹7,614 crores to the Abu Dhabi Investment Authority, Canada’s Public Sector Pension Investments, and state-owned National Investment and Infrastructure Fund. GVK is expected to use the proceeds from this sale to retire the debt obligations of its holding companies and fend off a takeover battle for MIAL from the Adani Group. The agreement is, however, still to be executed. A leading daily reported on Monday that this investor consortium has agreed to give a ‘carve-out’ to the promoters of GVK, the Reddy family, so as to allow them to sell stake in MIAL.
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