Adani Group acquires 74 per cent stake in Mumbai International Airport

The deal has been finalised even though a consortium of foreign investors which had earlier signed a binding agreement with GVK group for buying the asset has legally challenged it

The Gautam Adani-led Adani group has acquired a 74 per cent stake in Mumbai International Airport Limited (MIAL), a joint venture between the Airports Authority of India and GVK Industries. MIAL operates the Mumbai airport — the largest in the country after Delhi.

The deal marks the culmination of a two-year-long fight during which the Reddy family —owner of the GVK group — scouted for buyers, struck binding agreements with a consortium of foreign investors, and fought legal battles to thwart the Adani group’s hostile takeover attempts. In the end, the Reddys succumbed to the default pressure from the lenders’ consortium,