GVK agrees to cede control of airport business to Adani Group
MUMBAI: GVK Power & Infrastructure said the Adani Group will take over its debt and have control over the Mumbai airport and the Navi Mumbai airport project.
The Adani Group will have a 74% stake each in the current Mumbai airport and the Navi Mumbai Airport project, said a person close to the development.
The founder of the conglomerate, which had been aggressively defending its airport business, said it buckled under pressure from lenders and as the Covid-19 pandemic battered business.
