Battle for MIAL: Arbitration tribunal restrains Adanis from buying Bidvest stake

In a major setback to the Adani Group’s bid to get a hold on Mumbai airport, an arbitration tribunal has restrained it from going ahead with buying out the 13.5 per cent stake of South African partner Bidvest Services in the country’s the second largest airport.

The tribunal has also asked Bidvest to maintain status quo on its stake but asked GVK, which owns 50.5 per cent in the airport, to compensate it for the delay by way of paying interest on the agreed share purchase agreement (Rs 1,248 crore) till the pendency of the case.