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Adani stake in Mumbai Airport

Adani stake in Mumbai Airport
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Adani Airport Holdings (AAHL), a subsidiary of Adani Enterprises, has acquired 23.5 percent equity stakes in Mumbai International Airport from ACSA Global and Bid Services Division (Mauritius) for Rs 1,685.2 crore.

Billionaire Gautam Adani-led Adani Group has completed the acquisition of a 23.5 percent equity stake in Mumbai International Airport Limited (MIAL) from Airports Company South Africa (ACSA) and Bid Services Division (Mauritius) Limited for Rs 1,685.2 crore. The Indian multinational conglomerate is set to extend shareholding to 74 percent in MIAL, a joint venture between the Airports Authority of India and GVK Industries, which would provide the Group ownership of the upcoming Navi Mumbai airport, in which MIAL holds a majority stake.

Adani Airport Holdings (AAHL), a wholly-owned subsidiary of Adani Enterprises, has bought 28.20 crore equity shares in MIAL, which operates the Mumbai airport – the largest country after Delhi.

“Adani Airport Holdings Limited (AAHL), the flagship holding company of Adani Group for its airports business and a wholly-owned subsidiary of Adani Enterprises Limited, has acquired 23.5 percent equity stake, i.e., 28,20,00,000 equity shares of Rs 10 of Mumbai International Airport Limited from ACSA Global Limited (ACSA) and Bid Services Division (Mauritius) Limited (Bidvest),” the company said in a regulatory filing.

Adani Enterprises Ltd (AEL) stated that this acquisition forms part of the transaction under which AAHL proposes to acquire a controlling interest in MIAL. It added that all relevant approvals had been obtained for the said acquisition.

In August last year, Adani Group had announced that it had reached an agreement to acquire GVK Group’s shareholding and control of Mumbai airport. GVK Group holds a 50.50 percent equity stake in Mumbai International Airport Limited (MIAL). In comparison, the Airports Authority of India (AAI) has 26 percent shareholding.

AEL has already acquired 23.5 percent of minority partners, ACSA and Bidvest Group. ACSA and Bidvest hold 10 and 13.5 percent stake, respectively, in MIAL.

Last year, the union cabinet had approved the transfer of six airports on 50-year leases to AEL. The firm will control the airports in Ahmedabad, Lucknow, Mangaluru, Jaipur, Thiruvananthapuram, and Guwahati. The Adani Group has won rights to operate, maintain and develop these six airports in a public-private partnership model.

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Written by Ritik Gupta

His name is Ritik Gupta; currently pursuing law. He has always kept pride as his everything. He deems writing as not like any other hobby but a reflection of one’s intellectuality. He likes to research on the parasitic problems and then lay them down in such a means that can be of assistance to the society. He just not studies law but treats it a controversial weapon to defeat the wrong.

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