Adani Group Will Have Command Of Mumbai Airport
Adani group will have command of Mumbai airport, agreement for the acquisition of a 74% stake. The AG will acquire GVK’s stake in Mumbai Airport. The group led by veteran industrialist Gautam Adani on Monday informed that with this acquisition its total shareholding will reach 74 percent.
Adani Airport Holdings Limited has tied up with Mumbai International Airport Limited (MIAL) for the acquisition of the loan of GWK Airport Developers Limited (ADL), according to two information given to the stock market. The loan will be converted into equity. After the change in equity, the AG will get a full 50.5 percent stake in the GVK group.
The Adani Group will also acquire a 23.5 percent stake in two minority-owned airport companies South Africa (ACSA) and Bidvest Group. The AG said it would take steps to complete the acquisition of a 23.5 percent stake in MIAL from ACSA and Bidvest. The group has received approval from the Competition Commission of India for this acquisition.
The Gautam Adani-led group has said that after the acquisition of GVK ADL’s debt, the Adani Group will work towards obtaining all necessary and regulatory approvals to take over control of MIAL.
GVK has separately informed the stock exchanges that it has agreed to cooperate with Adani Airport Holdings Ltd (AAHL). Under this agreement, the Adani Group company will acquire the debt of various lenders, including Goldman Sachs-led consortium and HDFC. It has stated that the loan will be converted into equity on mutually agreed terms.
However, neither of the two companies has given any information about how much this agreement is worth. With the announcement of this agreement, the shares of the group have seen a rise of up to 7.6 percent on Monday. On the BSE, Adani Green Energy’s stock is gaining 7.6 percent and Adani Ports and Special Economic Zone shares are up 4.97 percent.
