Trio invest in GVK airport
The GVK group on Sunday said Abu Dhabi Investment Authority, Canada’s Public Sector Pension Investment Board and the National Investment & Infrastructure Fund (NIIF) will jointly invest Rs 7,614 crore in GVK Airport Holdings Ltd (GVKAHL). GVKAHL is the holding company of Mumbai International Airport Ltd (MIAL).
The move has effectively thwarted an attempt by the Adanis to pick up the 23.05 per cent stake held by two South African companies in MIAL, which manages the Mumbai airport and is developing a new one at Navi Mumbai .
According to a press statement by the GVK group, proceeds from the transaction will be used to primarily retire debt obligations of its holding companies and fund the purchase of additional shares in MIAL by GVKAHL from Bidvest and ACSA in accordance with the right of first offer already exercised by GVKAHL.
