A tale of jittery bankers, a stalled deal and GVK's Adani embrace

August-end loan deadline brought GVK to negotiating table

Unhappy with the 10-month delay in closing the deal to sell 80 per cent stake in its airport holding company to PSP of Canada, ADIA and NIIF, the GVK group decided to open talks with the Adani group in the last two weeks in order to avert a major financial crisis by August end. The lenders of GVK group also nudged it to start negotiations with Adani as the loan moratorium was coming to an end in August.

A steady fall in the financial metrics of its prized Mumbai airport asset due to Corona pandemic also tilted GVK to initiate