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Adani Group Acquires 23.5 Percent Stake in Mumbai International Airport, Aims 74 Percent Stake

Chhatrapati Shivaji International Airport in Mumbai. (Image Source: PTI)

Chhatrapati Shivaji International Airport in Mumbai. (Image Source: PTI)

In a regulatory filing, Adani Enterprises said that AAHL has acquired 28.20 crore equity shares of MIAL. AAHL is also a wholly-owned subsidiary of Adani Enterprises.

Adani Group's flagship holding company Adani Airport Holdings Ltd (AAHL) has acquired 23.5 per cent stake in the Mumbai International Airport Ltd (MIAL) from ACSA Global Ltd (ACSA) and Bid Services Division (Mauritius) Ltd (Bidvest) for Rs 1,685.25 crore. In a regulatory filing, Adani Enterprises said that AAHL has acquired 28.20 crore equity shares of MIAL. AAHL is also a wholly owned subsidiary of Adani Enterprises.

"Adani Airport Holdings Ltd has acquired 23.5 per cent equity stake i.e. 28,20,00,000 equity shares of Rs 10 of Mumbai International Airport Ltd from ACSA Global Ltd and Bid Services Division (Mauritius) Ltd," the filing said.

Incorporated on March 2, 2006, MIAL is engaged in the business of development, construction and operation of the Chhatrapati Shivaji Maharaj International Airport. In August last year, the AAHL entered into an agreement to acquire the debt of GVK Airport Developers Ltd (GVKADL) which in turn would help the Adani Group acquire controlling interest in MIAL.

GVKADL is the holding company through which GVK Group holds 50.50 per cent equity stake in the Mumbai International Airport Ltd (MIAL), which in turn holds 74 per cent equity stake in the Navi Mumbai International Airport Ltd.

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With GVK Group's finances under strain, it has now come around to the idea of selling the stake to Adani Group, they said. After seaports, Adani Group is betting big on the airports sector and has won the bids to run six Airport Authority-built non-metro airports in Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram, and Mangalore.

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With the six non-metro airports and MIAL, Adani Group will become the largest operator of airports other than state-run AAI, which runs most of the airports. Adani Enterprises in its annual report unveiled its ambition to be the largest private airport developer in the country by developing world-class infrastructure at airports, both at airside and landside, enhancing the passenger experience, creating entertainment destinations (airport village, hotels, and malls).