Adani Group says government probing accounts of two Mumbai airports

Adani Enterprises under probe by corporate affairs ministry over accounts of Mumbai airports

Livemint
Updated14 Oct 2023, 08:56 AM IST
Ministry of Corporate Affairs probing accounts of two airports of Adani Group
Ministry of Corporate Affairs probing accounts of two airports of Adani Group(Bloomberg)

Adani Enterprises on Friday informed the stock exchanges that the corporate affairs ministry is probing the accounts of the group's two airports in Mumbai.

The company said that the Office of the Regional Director, Southeast Region, Hyderabad, Ministry of Corporate Affairs.

had sought information and documents on the airports – Mumbai International Airport Ltd and Navi Mumbai International Airport Ltd – for financial years 2017-18 to 2021-22.

Also read: Adani Group may bid in upcoming airport auctions

"MIAL and NMIAL have received communications from the said Authority about the initiation of investigations of books of accounts and other books and papers in terms section 210(1) of the Companies Act, 2013," Adani Enterprises said on BSE filing.

Billionaire Gautam Adani owns and operates seven airports across India. In February 2019, the Gautam Adani-led group won bids for six AAI airports, including Lucknow, Mangaluru, Ahmedabad, Jaipur, Guwahati and Thiruvananthapuram. Adani Group has been responsible for operating, managing, and developing airports for over 50 years.

Also read: Mumbai International Airport raises $750 million from Apollo

The Adani Group acquired a 74% stake in Mumbai’s international airport in July 2021 by picking up GVK Group’s 50.5% stake and a 23.5% stake from ACSA Global Ltd and Bid Services Division (Mauritius) Ltd (Bidvest). As a result, the group also got to build and operate the Navi Mumbai airport.

However, the probe by the ministry is the latest in a string of troubles for the conglomerate since a US-based short-seller accused the group of improperly using offshore tax havens and stock manipulation.

Adani Enterprises said its units will respond to the communication received from the Ministry of corporate affairs in “accordance with applicable legal provisions.”

Adani acquired a majority stake in Mumbai International Airport in August 2020 from the debt-stricken GVK Group. Adani has said that it will commence operations at the Navi Mumbai airport from December 2024.

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First Published:14 Oct 2023, 08:56 AM IST
HomeCompaniesNewsAdani Group says government probing accounts of two Mumbai airports

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