GVK Airport to buy Bidvest’s stake in MIAL

MUMBAI: GVK Airport Holdings Ltd, a subsidiary of publicly traded GVK Power and Infrastructure Ltd, has acquired a 13.5% stake of Bid Services Division (Mauritius) Ltd (subsidiary of Bidvest Group Ltd), in Mumbai International Airport Ltd (MIAL). With this, GVK’s stake in MIAL increased to 64%, the company said in a stock exchange notification on Saturday. GVK Airport exercised its right to acquire 162 million equity shares of MIAL from Bidvest at ₹77 per share, the company added.

GVK group’s move comes amid reports that Adani Group was interested in picking up the stake in MIAL. Mumbai airport, India’s second-largest in terms of passengers and flights, handled 48.5 million passengers in 2018, according to data from the Association of Private Airport Operators.