PSP, ADIA and NIIF breached airport agreement, says GVK group

The move led arbitral tribunal to vacate the order of injunction that had restrained Bidvest and ACSA from selling their shares to any third party, firm says in response to legal notice

Several conditions in the agreement with PSP of Canada, Abu Dhabi Investment Authority (ADIA) and National Investment and Infrastructure Fund (NIIF) were not implementable and led to the airport sale deal with the GVK group to collapse. 

Besides, the three investors had written to the central government and lenders. This did not go down well with the brass of the GVK group.

On August 17, GVK said it had issued a ‘no objection’ to the three investors solely on the basis that they would be conveying to the government their decision to withdraw from the transaction due to the recent developments.

“However, it