MUMBAI | NEW DELHI: The Adani Group has made a formal offer to buy out the 23.5% held by two South African firms in Mumbai airport, setting the stage for a battle with the GVK Group which has also shown interest in increasing its stake.
The Adani Group has sought to buy the stakes of Airports Company South Africa (ACSA) and Bidvest, the joint venture partners of GVK in the Mumbai International Airport Ltd (MIAL), at a valuation of Rs 9,500 crore, people aware of the situation said.
With an offer on the table, the South Africans — believed to be keen on exiting the venture — have invoked the right of first refusal (RoFR) clause, forcing the cash-strapped
