Adani Group to acquire 74% stake in Mumbai Airport; take over upcoming Navi Mumbai Airport also
NEW DELHI: Paving the way for billionaire Gautam Adani’s group acquiring controlling interest in the Mumbai Airport from the GVK Group, the two corporates on Monday announced reaching an agreement for Mumbai International Airport Limited (MIAL) as well as the upcoming Navi Mumbai airport. The Adani Group will acquire 74% in MIAL — the entire 50.5% of GVK;, Airport Company of South Africa (ACSA’s 10%) and South African Bidvest’s 13.5%. The remaining 26% will be with Airports Authority of India (AAI).
Adani Group will also “achieve financial closure of the Navi Mumbai International Airport project at the earliest in order to commence construction.” The Adani Group had emerged as higher bidder for operating six AAI Airports — Jaipur, Guwahati, Thiruvananthapuram, Ahmedabad, Lucknow and Mangaluru — PPP way for 50 years. The Kerala government is opposing handing over T’puram airport to Adani. With India’s second busiest airport, Mumbai’s CSMIA, and the upcoming Navi Mumbai also in its portfolio, Adani Group emerges as one of the largest private airport developers in India.
