The Adani Group is in talks with GVK Sumah and its other partners to buy a stake in Mumbai International Airport (Mumbai International Airport) Limited (MIAL), the Mumbai airport operator. Adani Group of Industrialist Gautam Adani Aims to become the country’s largest airport operator. Two sources related to the case said that the Adani Group may buy 50.5 per cent stake in GVK Group and 23.5 per cent stake in other minority shareholders like airport company South Africa and Bidvest Group in MIAL. However, spokespersons of both the Adani group and the GVK group have denied any comment about this.
In March 2019, the Adani Group had agreed to buy a 13.5 per cent stake in Bidvest Company of South Africa for Rs 1,248 crore. The deal was denied by the GVK group using its first right of refusal, ie the provision of first right on stake purchase. But GVK could not raise money to purchase this stake and the matter went to court. According to sources, the financial condition of GVK Group is not right. In such a situation, the stake is being considered for the Adani Group.
The Adani Group is betting on airports after making a strong hold in the port area. The group recently got a contract to operate six airports. This includes Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram and Mangalore. The group is now eyeing the second busiest airport in the country. Sources say that the first round of talks have been held on this and it is possible that Hyderabad’s GVK may be exited from the airport. Airports Authority of India owns 10 percent and the remaining 26 percent of the airport company South Africa.
(This news has not been edited by the NDTV team. It is published directly from the Syndicate feed.)