Adani Airports to acquire controlling stake in Mumbai Airport
AAHL will acquire the debt of GVK ADL from its airport lenders
Adani Airports (AAHL) has entered into an agreement to acquire the debt of GVK Airport Developers (GVK ADL).
GVK ADL is the company through which the GVK Group holds 50.50 percent equity stake in the Mumbai International Airport (MIAL) which in turn holds 74 percent equity stake in the Navi Mumbai International Airport (NMIAL).
AAHL will acquire the debt of GVK ADL from its airport lenders. The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition to release the guarantee given by GVK Power and Infrastructure with respect to the debt acquired by it.
The Adani Group will also take steps to complete the acquisition of 23.5 percent equity stake from ACSA and Bidvest in MIAL for which it has obtained CCI approval.
Upon the acquisition of the debt of GVKADL, the Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL.
AAHL intends to infuse funds into MIAL to ensure that it receives much- needed liquidity and also achieves financial closure of the Navi Mumbai International Airport to be able to commence construction.