Bidvest stake buy: GVK to deposit Rs 1,248 crore in escrow account

The tussle between the Adani Group and GVK to acquire the 13.5% stake held by South African firm Bidvest in the Mumbai International Airport (MIAL) has taken a new turn. The matter, which is before an arbitration tribunal, will now have to take into account the fact that GVK has already raised around Rs 7,600 crore from investors, which puts it in a comfortable position to acquire the stake for which the Adani Group has also thrown in its hat.

Analysts said the arbitration tribunal will now have to decide GVK Group’s claims over right of first refusal (RoFR) to purchase Bidvest’s share in the Mumbai airport. A GVK spokesperson said GVK Airport Holdings (GVKAHL) will be depositing Rs 1,248 crore in an escrow account by October 31 as directed by the arbitral tribunal.