Business Standard

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

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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