CBI probe, funds crunch, ratings downgrade: The many troubles of GVK Group

GVK Group founder G V Krishna Reddy is facing his biggest test yet as the Central Bureau of Investigation (CBI) has accused him of siphoning off Rs 705 crore from Mumbai airport’s funds. 

This comes at a time when the GVK Group is already fighting multiple battles. It is trying to stave off Adani Group’s entry as a shareholder in the Mumbai airport project. Rating agency CRISIL and Maharashtra government’s City and Industrial Development Corporation (Cidco), which owns 26 per cent in the Navi Mumbai airport along with GVK Group, have separately flagged off concerns over its finances.

For Reddy,