The GVK group has exercised the right of first refusal to acquire an additional 13.5 per cent stake in Mumbai airport and stave off the Adani group’s entry into the project. The Hyderabad-based group informed the exchanges on Saturday that it would acquire over 162 million shares in Mumbai International Airport (MIAL), held by South African partner Bidvest, for Rs 77 a share.
The Rs 1,247-crore deal for Bidvest’s 13.5 per cent stake will increase GVK’s share in MIAL to 64 per cent. It holds the right of first refusal in case any of its partners seeks to exit the JV. While sources had indicated that the GVK group might seek the Airport Authority of India’s help to block the Adani group’s bid, it has decided to go ahead and buy Bidvest’s stake to consolidate its ownership.
