AAI approves Adani’s takeover of MIAL

January 8, 2021

The Airports Authority of India (AAI) has approved the Adani Group’s share transfer proposal for Mumbai International Airport Limited (MIAL) from GVK Airports Holding. Under the deal, the Adani Group will take over the 50.5 per cent stake of GVK Airport Holdings, the GVK Power & Infrastructure Limited arm, which is a majority stakeholder in MIAL. The Adani Group will pay equity debt of around 95 per cent on behalf of MIAL, effectively becoming a shareholder of around 74 per cent. The group has also offered to buy out Bid Services Division Mauritius’s (Bidvest) 13.5 per cent stake and Airports Company South Africa’s 10 per cent stake in MIAL for Rs 9.11 billion and Rs 6.75 billion, respectively, as part of the deal to take control of the Mumbai airport.