Adani Airport Holdings (AAHL), a wholly owned subsidiary of Adani Enterprises, has acquired 23.5 percent stake in Mumbai International Airport (MIAL) from ACSA Global (ACSA) and Bid Services Division (Mauritius), or Bidvest, for Rs 1,685.25 crore, the company informed exchanges on February 7.
AAHL, the Adani Group’s holding company for its airports business, bought 28,20,00,000 equity shares in MIAL, it said in the regulatory filing.
AAHL said this acquisition forms part of the transaction pursuant to which it proposes to acquire controlling interest in MIAL as specified in their intimation dated August 31, 2020.
"In continuation of our earlier intimation dated 31st August, 2020, we would like to inform that AAHL has acquired 23.5 percent equity stake i.e. 28,20,00,000 equity shares of Rs 10 of MIAL from ACSA and Bidvest," AAHL said.
Earlier in September 2020, AAHL said it was going to acquire a controlling stake in MIAL, following which it would also take on current owner GVK Airport Developers Ltd’s debt.
This new acquisition allows Adani Group to convert the acquired debt to equity of GVKADL on mutually agreed terms, subject to obtaining necessary regulatory approvals.
Together - Bidvest and Airports Company of South Africa - held 23.5 percent stake in MIAL. While GVK ADL is the holding company through which GVK Group holds 50.50 percent equity stake in MIAL and holds 74 percent equity stake in Navi Mumbai International Airport Ltd (NMIAL).
MIAL, which manages the Mumbai International Airport, will operate the upcoming Navi Mumbai International Airport as well. Recently, Adani Group had received permission to operate Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram, and Mangaluru airports through the public-private partnership (PPP) model.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
