Adanis close to acquiring GVK’s 51% in Mumbai International Airport.

Two Groups hold preliminary talks to end tussle, say sources

The tussle between Adani Group and GVK Group over control of Mumbai airport seems to be heading towards a resolution with the former proposing to acquire a majority stake in Mumbai International Airport (MIAL).

According to sources close to the development, Adani Group could acquire a controlling 51 per cent stake in the airport. Preliminary discussions have taken place between the two sides to end the dispute which may lead to GVK exiting the prestigious Mumbai airport venture, sources said.

GVK Airport Holdings owns 50.5 per cent in MIAL. Airport Company South Africa (ACSA) owns 10 per cent and another South African company, Bidvest, owns 13.5 per cent.

Adani Group had earlier offered to buy the stake held by the two South African companies. It may put the offer back on the table if the deal with GVK is finalised, source said.

The balance 26 per cent stake is held by the Airports Authority of India (AAI). A source close to AAI said talks of Adani taking over MIAL have been gaining ground although there no formal proposal has been made to the Authority, yet.

Neither Adani Group nor and GVK Group would comment on queries sent by BusinessLine.

HBL