Adani acquires additional stake in Mumbai International Airport
Adani Airport Holdings Ltd (AAHL), the flagship holding company of the Adani group for its airports business, has acquired an additional 23 per cent stake in Mumbai International Airport Ltd (MIAL) from ACSA Global Ltd (ACSA) and Bid Services Division (Mauritius) Ltd or Bidvest for Rs 1,684.25 crore.
With this, the Gautam Adani-led group will have a 74 per cent stake in MIAL with the rest being held by the Airports Authority of India (AAI).
In August, the group had said it would acquire GVK Airport Developers’ (GVKADL) 50.50 per cent stake in MIAL. The group had then said that it was also looking to buy out the 23.5 per cent stake held by Airports Company of South Africa or ACSA and Bidvest.
AAHL had entered into an agreement to acquire the debt of GVK Airport Developers Ltd (GVK ADL). GVKADL is the holding company through which the GVK group held the 50.50 per cent equity stake in MIAL, which in turns holds a 74 per cent equity stake in Navi Mumbai International Airport Ltd (NMIAL).
Subsequently, the Competition Commission approved the Adani group’s acquisition of the controlling stake in Mumbai airport from GVK Airport Developers under the green channel route. The green channel route provides for automatic approval of certain deals.
In a regulatory filing on Saturday, Adani Enterprises said its wholly owned subsidiary AAHL has acquired a 23.5 per cent stake, translating into 28.20 crore shares, from the two overseas entities. MIAL is engaged in the business of development, construction and operation of the Chhatrapati Shivaji Maharaj International Airport in Mumbai. It had posted a turnover of Rs 3,489.46 crore in the previous fiscal.
With the acquisition of the country’s second busiest airport, the Adani group, which also has six non-metro airports, will become the largest private operator of airports.
“The addition of the Mumbai International Airport and the Navi Mumbai International Airport to our existing portfolio of six airports provides us a transformational platform that will help shape and create strategic adjacencies for our other B2B businesses,” Gautam Adani had said in a statement last year.