GVK raises its stake in Mumbai airport to 74%

GVK Power and Infrastructure (GVKPIL) has said that its subsidiary, GVK Airport Holdings, has agreed to acquire 10 per cent shares of Mumbai International Airport Limited (MIAL) from Airports Company South Africa(ACSA) Global. The company agreed to acquire 12 crore equity shares at the rate of INR 77 per share, which amounts to about Rs 924 crore.

Upon completion of the acquisition, GVK group’s share in the Mumbai airport will rise to 74 per cent from the existing 50.6 per cent. Earlier, the group acquired 13.5 per cent stake from Bidvest.

The AAI, which holds 26% stake in MIAL, will be the only other JV partner after acquiring stake from Bidvest and ACSA by GVK arm in the Mumbai airport company.

The GVK-led MIAL had also received the letter of award for development of greenfield Navi Mumbai international airport project in October 2017.