Adani Enterprises spurts after unit completes acquisition of 23.5% stake in MIAL

Adani Enterprises rose 5.66% to Rs 629.25 after the company said its arm has completed acquisition of 23.5% equity stake in Mumbai International Airport (MIAL) from ACSA Global and Bid Services Division (Mauritius) for Rs 1,685.25 crore.

Adani Airport Holdings (AAHL), the flagship holding company of Adani Group for its airports business and a wholly-owned subsidiary of Adani Enterprises, has acquired 23.5% equity stake i.e. 28.20 crore equity shares of MIAL from ACSA Global (ACSA) and Bid Services Division (Mauritius) (Bidvest) for a cash consideration of Rs 1,685.25 crore.

MIAL is engaged in the business of development, construction and operation of Chhatrapati Shivaji Maharaj International Airport. MIAL was incorporated on 2 March 2006. The announcement was made on Saturday, 6 February 2021.

In August last year, Adani Group had announced that it had reached an agreement to acquire GVK Group's shareholding and control of Mumbai airport.

Adani Enterprises' consolidated net profit skid 11.1% to Rs 286.60 crore on 6.1% rise in net sales to Rs 11,620.45 crore in Q3 December 2020 over Q3 December 2019.

Adani Enterprises is the flagship company of Adani Group, one of India's largest business conglomerates.

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