Adani Group shares climb as the group readies to gain control of Mumbai, Navi Mumbai airports

Shares of some of the Adani Group companies traded with healthy gains in morning trade on BSE on August 31 as Adani Group is set to gain control of Mumbai and Navi Mumbai airports.

Adani Enterprises, through its subsidiary Adani Airport Holdings (AAHL), has entered into an agreement to acquire the debt of GVK Airport Developers (GVKADL), a subsidiary of GVK Power and Infrastructure, both companies informed stock exchanges.

This will allow "Adani Group to convert the acquired debt to equity of GVKADL on mutually agreed terms, subject to obtaining necessary regulatory approvals.

Adani Group will also take steps to complete the acquisition of a 23.5 percent equity stake from ACSA and Bidvest in MIAL, thereby acquiring a controlling interest.