Adani Group’s airport business’s flagship holding company, Adani Airport Holdings Ltd (AAHL) will now control almost 98% of the stakes in the GVK Airport Developers Ltd (GVKADL) under its rights as a lender to the company. In recent developments, AAHL now manages and controls Mumbai International Airport Ltd (MIAL).
On Wednesday, a regulatory filing stated that Adani Enterprise Ltd’s wholly-owned subsidiary, AAHL, "pursuant to the rights exercised by it as a lender of GVKADL, will hold 97.97 per cent of the paid up equity capital of GVKADL".
GVK Airport Holdings Ltd’s (GVKAHL) holding company, GVKADL controls a 50.50% equity stake in the MIAL. The second maintains an equity stake worth 74% in the Navi Mumbai International Airport Ltd.
The filing also mentioned that the debt retained by AAHL, whose principal amount is Rs 2165,57,00,000 in GVKADL has been translated into equity shares of GVKADL. Additionally, the board of directors of GVKADL and GVKAHL are rehabilitated with AAHL nominees. GVK Group’s nominee directors have since resigned. The filing also brought to light that a nominee of the AAHL has been assigned as the Chairman as well as Managing Director of MIAL.
In Chhatrapati Shivaji Maharaj International Airport at Mumbai, Adani Group will have 74% stake after the stake purchase transaction. It will buy 50.5% stakes from GVK Group and an additional 23.5% from minority partners that include Bidvest Group and Airports Company South Africa (ACSA).
The company under its management and development purview has eight airports, making it India’s foremost airport infrastructure company, recording 25% of the airport footfalls.
Also Read: Adani Group Seeks $1 Billion To Refinance Mumbai Airport Debt
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