Adani Group to pick 74 pc stake in Mumbai airport

Adani Group to pick 74 pc stake in Mumbai airport
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New Delhi: Billionaire Gautam Adani's Adani Group on Monday said it has reached an agreement to acquire GVK Group's shareholding and control of Mumbai airport.

Adani Airport Holdings has "entered into an agreement to acquire the debt of GVK Airport Developers," Adani Enterprise said in a regulatory filing.

GVK Group holds a 50.50 percent equity stake in Mumbai International Airport Limited (MIAL). The debt will be converted into equity.

The two firms did not give further financial details of the deal.

"The Adani Group will also take steps to complete the acquisition of a 23.5 percent equity stake from ACSA (Airports Company of South Africa) and Bidvest in MIAL for which it has obtained the Competition Commission of India's approval," it added.

Together with a 50.50 percent stake of GVK, Adani's total holding in Mumbai airport will be 74 percent after completion of the transaction.