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Adani Group set to acquire 74% stake in Mumbai International Airport

Adani Enterprises Limited (AEL) is likely to soon acquire a 74 per cent stake in Mumbai International Airport (MIAL)

twitter-logoBusinessToday.In | August 24, 2020 | Updated 10:41 IST
Adani Group set to acquire 74% stake in Mumbai International Airport
GMR Group operates airports in Delhi and Hyderabad

Adani Enterprises Limited (AEL) is likely to soon acquire a 74 per cent stake in Mumbai International Airport (MIAL). With this acquisition, Adani Group flagship will become the largest private operator of airports in the country after GMR Group.

Adani Group is expected to announce acquisition of GVK Group's 50.5 per cent stake before next week, Business Standard reported. AEL would also acquire 23.5 per cent of minority partners, Airports Company South Africa (ACSA) and Bidvest Group. ACSA and Bidvest hold 10 and 13.5 per cent stake, respectively, in MIAL. According to the daily, Adani Group may pay nearly Rs 15,000 crore for the transaction.

The acquisition is also expected to provide the Group ownership of the upcoming Navi Mumbai airport, in which MIAL holds 74 per cent stake.

The union cabinet had recently approved the transfer of six airports on 50-year leases to AEL. The Gautam Adani-led firm will take control of the airports in Ahmedabad, Lucknow, Mangaluru, Jaipur, Thiruvananthapuram, and Guwahati. The Adani Group has won rights to operate, maintain and develop these 6 airports in a public private partnership mode.

Meanwhile, Kerala Chief Minister Pinarayi Vijayan had recently written to Prime Minister Narendra Modi requesting the Centre to rethink its decision to privatise the Thiruvananthapuram International Airport. Vijayan further stated in his letter that the government overlooked Kerala government's numerous pleas that the airport's operations and management be transferred to a Special Purpose Vehicle (SPV) in which the state dispensation is a major stakeholder.  

Shares of AEL were trading at Rs 240.15, up 6.80 points, or 2.91 per cent as against Friday's close on NSE.

Also read: Aviation Minister Hardeep Singh Puri explains why Adani Group got Kerala airport lease

Also read: Cabinet approves leasing out of Jaipur, Guwahati, Thiruvananthapuram airports to Adani Group

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