Adani's move HC on GVK bid to stall Mumbai airport deal

Mumbai: The Adani Group has dragged the shareholders of the GVK Group-run Mumbai airport (MIAL) and the aviation ministry to the Bombay High Court, seeking a direction to them to allow buying out the minority stake held by South African firm Bidvest in the airport.

The South African firm Bid Services Division Mauritius or Bidvest owns 13.5% in the country's second busiest airport.

Other shareholders are ACSA Global (Airports Company of South Africa) which owns 10%, Airports Authority of India (26%) and GVK Airport Holdings, which is the majority owner with a 50.5% ownership.

The petition filed last Wednesday names these shareholders along with the aviation ministry as respondents.

Bidvest had entered into an agreement with Adanis to sell its entire stake in the airport for a consideration of Rs 1,248 crore or Rs 77 a share. The Adanis had also offered to buy out ACSA at the similar price.

The Adanis, which has won the bid to run six other AAI-run airports last February, had offered around Rs 950 crore to ACSA,valuing the worlds busiest single-runway airport that handles an around 1,000 flight movements a day, at Rs 9,500 crore.

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Free Press Journal