GVK to purchase 10% additional stake in Mumbai Airport for $134m. Credit: Chhatrapati Shivaji Maharaj International Airport.

GVK Airport Holdings, a subsidiary of GVK Power and Infrastructure, has agreed to acquire a 10% additional stake in Mumbai International Airport Limited (MIAL) for around $134.01m (Rs9.24bn).

The agreement to acquire shares from Airports Company South Africa (ACSA) forms part of GVK Airport’s strategy to keep Adani Group away from Mumbai Airport, as Adani attempted to gain a shareholding in the airport.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

GVK recently acquired a 13.5% stake in MIAL from another South African company Bid Services Division (Mauritius) in response to an offer made to two South African firms including ACSA and Bidvest by Adani Group to acquire a 23.5% stake in Mumbai Airport.

“Originally, Mumbai Airport operator MIAL was formed as a JV by GVK, Airports Authority of India (AAI), Bidvest and ACSA.”

With the acquisition of an extra 10% stake in MIAL, GVK Airport’s share in Mumbai Airport has increased to 74%, while the remaining stake is owned by the Airports Authority of India (AAI).

Originally, Mumbai Airport operator MIAL was formed as a JV by GVK, Airports Authority of India (AAI), Bidvest and ACSA.

Adani Group was looking to foray into the aviation sector through Mumbai Airport. As part of its plan, Adani Enterprises bagged rights to operate the six airports, including Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram, Guwahati, and Mangaluru.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Adani Enterprises is expected to pay Rs3.15tn ($45.264bn) to the Government of India to manage six airports in the country.

On the other hand, GVK was planning to offload its stake in its MIAL aimed at cutting its overall debt pile.

GVK may still move ahead with its planned stake sale, however the company wishes to select an overseas investor. The company is looking to invest on the development of the Navi Mumbai Airport.