In a bid to thwart Adani Group’s attempt to gain a shareholding in the Mumbai airport, GVK Airport Holdings has acquired an additional 10 per cent in Mumbai International Airport Ltd (MIAL) for Rs. 924 crore. The shares have been acquired from Airports Co. South Africa (ACSA) Global Ltd.
GVK recently acquired 13.5 per cent stake in MIAL from another South African company Bid Services Division (Mauritius) Ltd (Bidvest). These deals take GVK’s share in Mumbai airport to 74 per cent from 50.5 per cent. While GVK did not say why it was increasing its stake in MIAL, it was earlier reported that the Adani group had also made an offer to acquire ACSA’s stake in Mumbai airport.
Under the agreement between GVK and the two South African entities Bidvest Group and ACSA Gobal, which held 13.5 per cent and 10 per cent, respectively, the Indian company had the first right of refusal in case the joint venture partners wanted to sell the stake.
