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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

mumbai airport, CSIA, MIAL, T2, flights, coronavirus, gvk
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GVK had moved court to block the attempts of sale citing they have a right to first refusal. However, the company hasn’t been able to garner funds.

Arindam Majumder New Delhi
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,

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First Published: Aug 31 2020 | 9:38 AM IST

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