Home / Companies / News /  GVK Airport to buy Bidvest’s stake in MIAL

MUMBAI : GVK Airport Holdings Ltd, a subsidiary of publicly traded GVK Power and Infrastructure Ltd, has acquired a 13.5% stake of Bid Services Division (Mauritius) Ltd (subsidiary of Bidvest Group Ltd), in Mumbai International Airport Ltd (MIAL). With this, GVK’s stake in MIAL increased to 64%, the company said in a stock exchange notification on Saturday. GVK Airport exercised its right to acquire 162 million equity shares of MIAL from Bidvest at 77 per share, the company added.

GVK group’s move comes amid reports that Adani Group was interested in picking up the stake in MIAL. Mumbai airport, India’s second-largest in terms of passengers and flights, handled 48.5 million passengers in 2018, according to data from the Association of Private Airport Operators. In June 2018, the airport had witnessed a record 1,003 flight movements in 24 hours, to break its own previous record of 980 flights a day in February 2018.

However, the airport faces massive congestion issues that have resulted in flight delays. According to a report from UK-based consultancy OAG, only 60.4% of the total departures from Mumbai airport in December 2018 were on time.

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