AAI opts out of race to buy shares from Bidvest, ACSA
MUMBAI: Airports Authority of India has decided not to exercise its right to bu y shares from its partners Bidvest and Airports Company South Africa (ACSA). The two South African companies have been trying to sell their combined shareholding in Mumbai International Airport Ltd (MIAL) and exit the 13-year old joint venture.
The arbitration court has also given GVKNSE 4.01 %, which operates Mumbai airport, time till October 30 to deposit the purchase price of the shares (Rs 1,248 crore) in an interest bearing escrow account failing which Bidvest has the freedom to sell shares to any third party they wish to after securing necessary regulatory approvals.
