In a substantial development, the Maharashtra cabinet has approved a proposal with regards to the transferring of ownership of the Mumbai International Airport Limited constructing the Navi Mumbai international airport to the Adani Airport Holdings.
Moreover, according to a statement issued by the Chief Minister's Office (CMO), the land acquisition for the greenfield international airport, which will come upon 1,160 hectares, stood complete. In addition, the first phase of the airport is expected to be completed in 2023-24.
Mumbai International Airport Limited had a change in ownership with GVK Airports Developers Ltd, which had a 50.5 per cent share being taken over by Adani Airport Holdings Ltd. The change in ownership has been approved by the Central government, SEBI and others. Meanwhile, the CIDCO board of directors had passed a resolution approving the same.
On the other hand, the Adani Group had earlier finished the acquisition of a 23.5 per cent stake in Mumbai International Airport Limited from South African entities Bidvest and Airport Company of South Africa for INR 1,685 crores.
Adani Enterprises said in a stock exchange notification that it has taken over 13.5 per cent of MIAL’s stake from Bidvest and 10 per cent from Airport Company of South Africa, thus paving the way to have majority control in one of the busiest airports in the country. This officially marked the exit of foreign investors from Mumbai Airport.
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