Adani Airport Holdings Limited (AAHL), the Adani Group holding company for its airports business and a subsidiary of Adani Enterprises Limited) has signed an agreement to acquire the debt of GVK Airport Developers Limited (GVK ADL).
GVK ADL is the holding company through which GVK Group has a 50.50% stake in the share capital of Mumbai International Airport Limited (“MIAL”), which in turn owns 74% of the share capital in Navi Mumbai International Airport Limited
Under the agreement, Adani Airport will acquire GVK ADL’s debt from its airport lenders.
The GVK Group and Adani Airport have agreed that Adani Airport will offer a stand-still to GVK, in addition to the release of the guarantee granted by GVK Power and Infrastructure Limited in respect of the debt acquired by it.
The Adani Group will also take steps to complete the acquisition of a 23.5% stake in ACSA and Bidvest in MIAL, for which it has obtained CCI approval.
Following the acquisition of GVK ADL debt, Adani Group will take the necessary steps to obtain the necessary regulatory and customary approvals, as necessary, to acquire a controlling interest in Mumbai International Airport.
Adani Airport intends to inject funds into Mumbai International Airport to ensure MIAL receives much needed liquidity and also achieves the financial closure of Navi Mumbai International Airport in order to begin construction, Adani Enterprises said in a statement.
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