Mumbai International Airport: Adani Airports acquires 23.5% stake for ₹1,685 crore

Adani Airport Holdings (AAHL), a wholly owned subsidiary of Adani Enterprises, has acquired 23.5 percent stake in Mumbai International Airport (MIAL) from ACSA Global (ACSA) and Bid Services Division (Mauritius), or Bidvest, for ₹1,685.25 crore, the company said in a regulatory filing.

Under the proposed deal, AAHL bought 28,20,00,000 equity shares in MIAL, it said in the regulatory filing. "In continuation of our earlier intimation dated 31st August, 2020, we would like to inform that AAHL has acquired 23.5 percent equity stake i.e. 28,20,00,000 equity shares of ₹10 of MIAL from ACSA and Bidvest," AAHL said.

"This acquisition forms part of the transaction pursuant to which AAHL proposes to acquire controlling interest in MIAL as specified in our intimation dated 31st August 2020," the company added.

In August, 2020, AAHL said it was going to acquire a controlling stake in MIAL, following which it would also take on current owner GVK Airport Developers Ltd’s debt. "Adani Group will acquire GVK Airport Developers Ltd's 50.50% stake as well as buyout 23.5% stake of Airports Company of South Africa (ACSA) and Bidvest Group (for which it has obtained Competition Commission of India approval)," it had said in a regulatory filing earlier.

The firm will acquire 74% stake in MIAL, which included 50.5% stake of outgoing promoter GVK Group. The remaining 26% in MIAL will be with Airports Authority of India. (AAI)

Earlier Adani Group had received permission to operate Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram, and Mangaluru airports through the public-private partnership (PPP) model.

A controlling 74% stake in Mumbai International Airport Ltd (MIAL), together with the six non-metro airports, will make Adani Group the largest private operator of airports in India.

"Mumbai, the City of Dreams! It is a privilege to have an opportunity to serve the air travelers of one of the greatest Metropolis on our planet. #GatewaytoGoodness - Look forward to helping transform the Indian Airport Sector!," Gautam Adani, Adani Group chairman, had said earlier.

“The addition of the Mumbai International Airport and the Navi Mumbai International Airport to our existing portfolio of six airports provides us a transformational platform that will help shape and create strategic adjacencies for our other B2B businesses,” he mentioned at that ti