The infra giant will acquire a 74% stake in MIAL, which would also give it ownership of the upcoming Navi Mumbai airport.
According to a report by Business Standard, the infra major announced via stock exchange notification on February 6 that its airports' division has acquired a 13.5 percent stake of Bidvest and a 10 percent stake of ACSA for Rs 1,685 crore. The company will acquire a 74 percent stake in MIAL, which would give it a right to develop the upcoming Navi Mumbai Airport. However, the remaining 26% would remain with the Airport Authority of India (AAI).
The group will take on the debt of Rs 2,500 crore owed by GVK Airport Developers (the holding company of MIAL) as a part of the deal. Upon conversion of the debt into equity, the company would get a controlling stake in MIAL.
Adani has already received a go-ahead from the AAI in January for acquiring GVK’s 50.5 percent stake in MIAL. The group has so far taken over six airports of AAI, under the privatization exercise.