Synopsis: The operator of the country’s second-largest airport, Mumbai International Airport Ltd (MIAL), has already been taken over by Adani Airport Holdings Ltd (AAHL).
Due to its rights as a lender to the company, Adani Airport Holdings Ltd. (AAHL), the flagship holding company of Adani Group’s airport division, will own roughly 98 percent of GVK Airport Developers Ltd (GVKADL).
AAHL, a wholly-owned subsidiary of Adani Enterprises Ltd, made a regulatory filing on Wednesday, “pursuant to the rights exercised by it as a lender of GVKADL, will hold 97.97 percent of the paid-up equity capital of GVKADL”.
GVKADL is the parent company of GVK Airport Holdings Ltd (GVKAHL), which owns a 50% stake in MIAL. Navi Mumbai International Airport Ltd is owned by the latter, which owns a 74% share.
“Debt held by AAHL (the principal amount of which is Rs 2165,57,00,000) in GVKADL has been converted into equity shares of GVKADL,” the filing said.
Furthermore, the GVKADL and GVKAHL boards of directors have been completely replaced with AAHL nominees. The GVK Group’s nominee board of directors has resigned.
As per the filing, a nominee of AAHL has been appointed as the Chairman and Managing Director of MIAL.
Following the stake purchase agreement, Adani Group will own 74% of Mumbai’s Chhatrapati Shivaji Maharaj International Airport, with 50.5 percent coming from GVK Group and 23.5 percent coming from minority partners such as Airports Company South Africa (ACSA) and Bidvest Group.
AAHL is presently India’s largest airport infrastructure firm, with eight airports (in its management and development portfolio) accounting for 25% of airport footfalls.
