Adani Group eyes 74% stake in Mumbai International Airport: Report
Adani Group may soon purchase a 74 percent stake in Mumbai International Airport (MIAL) for nearly Rs 15,000 crore.
Adani Group might acquire the 50.5 percent stake of GVK Group in MIAL and will buy the remaining 23.5 percent from the minority partners, according to a Business Standard report.
MIAL operates the Mumbai airport and will also manage the upcoming Navi Mumbai airport. Bidvest and Airports Company of South Africa (ACSA) owns 13.5 percent and 10 percent, while the Airports Authority of India (AAI) holds a 26 percent stake.
The transaction might put an end to current legal disputes between GVK and the minority partners, the report said.
"There was immense pressure from the lenders on GVK Group, as there were upcoming debt payment schedules of MIAL. The banks were particularly concerned. They felt the parent firm's poor liquidity position — worsening with the effect of COVID-19 on airport business — would make it difficult to repay. The transaction is positive for everyone," a banker told Business Standard.
The deal with MIAL would make Adani the largest private airport operator in India, after the GMR Group, which operates the Delhi and Hyderabad airports.
The Centre has granted Adani Enterprises the permission to operate the Thiruvananthapuram, Ahmedabad, Jaipur, Lucknow, Mangaluru and Guwahati airports through the public-private partnership (PPP) model.