Marking the first step towards acquiring a majority control in the Mumbai International Airport (MIAL), Adani Group has completed the purchase of 23.5 per cent stake in the airport from two South African entities,
Adani Airport Holdings (AAHL), a wholly-owned subsidiary of Adani Enterprises, has acquired 23.5 per cent stake in Mumbai International Airport (MIAL) from ACSA Global (ACSA) and Bid Services Division (Mauritius), or Bidvest, for ₹1,685.25 crores, the company said in a regulatory filing.
Adani Enterprises had acquired a 13.5 per cent stake of Bidvest and 10 per cent stake of Airport Company of South Africa, for a consideration of Rs 1,685 crore.
The group has already taken over six Airport Authority of India (AAI) airports under the privatisation exercise.
This new acquisition allows Adani Group to convert the acquired debt to equity of GVKADL on mutually agreed terms, subject to obtaining necessary regulatory approvals.
In August, 2020, AAHL said it was going to acquire a controlling stake in MIAL, following which it would also take on current owner GVK Airport Developers Ltd’s debt.
“Adani Group will acquire GVK Airport Developers Ltd’s 50.50% stake as well as buyout 23.5% stake of Airports Company of South Africa (ACSA) and Bidvest Group (for which it has obtained Competition Commission of India approval),” it had said in a regulatory filing earlier.
MIAL, which manages the Mumbai International Airport, will operate the upcoming Navi Mumbai International Airport as well. Recently, Adani Group had received permission to operate Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram, and Mangaluru airports through the public-private partnership (PPP) model.