Adani Group signs deal to acquire Mumbai airport, take over Navi Mumbai airport
The Adani Group has taken control of the Mumbai airport and the proposed Navi Mumbai International Airport. Adani Airport Holdings Limited (AAHL), the flagship holding company of the Adani Group for its airports business and a subsidiary of Adani Enterprises Ltd, has entered into an agreement to acquire the debt of GVK Airport Developers Ltd (GVK ADL).
GVK ADL is the holding company through which GVK Group holds 50.50 per cent equity stake in Mumbai International Airport Ltd (MIAL), which in turn holds 74 per cent equity stake in Navi Mumbai International Airport Ltd (NMIAL). While full details of the deal were not disclosed, GVK said the agreement involves Adani’s ability to convert the acquired debt to equity of GVK ADL on mutually agreed terms, subject to obtaining necessary regulatory approvals. MIAL’s total bank loan facility is Rs 9,781 crore.
