Adani Airport Holdings Ltd (AAHL) has entered into an agreement to acquire the debt of GVK Airport Developers and in turn will acquire controlling interest in the Mumbai airport.
In a regulatory filing on Monday, Adani Enterprises said as per the agreement, Adani Airport will acquire the debt of GVK ADL from its airport lenders.
The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition, to release of the guarantee given by GVK Power and Infrastructure Limited with respect to the debt acquired by it.
“The Adani Group will also take steps to complete the acquisition of a 23.5 per cent equity stake from ACSA and Bidvest in MIAL for which it has obtained the CCI approval. Upon the acquisition of the debt of GVK ADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL,” the filing said.
GVK ADL is the holding company through which GVK Group holds 50.50 per cent equity stake in the Mumbai International Airport Limited (MIAL), which in turn holds 74 per cent equity stake in the Navi Mumbai International Airport Limited.
It said that AAHL intends to infuse funds into MIAL to ensure that MIAL receives much needed liquidity and also achieves financial closure of the Navi Mumbai International Airport to be able to commence construction.