Mumbai: The GVK group has acquired the entire 10% stake of Airports Co. South Africa (ACSA) Global Ltd in Mumbai International Airport Ltd (MIAL) for ₹924 crore, increasing its total holding in the airport to 74%, it said on Friday.
MIAL runs the Chhatrapati Shivaji International Airport in Mumbai, one of the busiest in India, as a special purpose joint venture company in which GVK initially owned a 50.5% stake, while two South African companies, Bidvest Group and ACSA Gobal Ltd, held 13.5% and 10%, respectively. The remaining 26% is held by state-run Airports Authority of India (AAI).
On 25 February, GVK Airport Holdings Ltd, a subsidiary of GVK Power & Infrastructure Ltd, signed a definitive agreement with Bidvest Group, exercising its “right of first refusal” to acquire its 13.5%.