Billionaire Gautam Adani’s Adani Group has acquired the majority 74 per cent stake at the Chattrapati Shivaji Maharaja International Airport, Mumbai. Adani Group has bought 50.5 per cent from its previous operator GVK Group and 23.5 per cent from other minority partners, including Airports Company South Africa (ACSA) and Bidvest Group.
With this, 74 percent stake bought Adani Group is now India’s biggest private airport operator. Adani Group has recently entered in airport operation business, and this is the major win and the largest homegrown conglomerate for Adani Group.
Adani Group succeeded in the port operation, including India’s largest port in Gujarat. Earlier from the Aviation Minister, Adani has won a contract to operate six airports under PPP agreement, including the airports of Jaipur and Thiruvananthapuram.
Central Bureau of Investigation (CBI) had charged the GVK Group with siphoning off funds totalling Rs 705 crore. It caused a loss of Rs 310 crore to the exchequer by entering into fake work contracts on the land given by the government to MIAL.
GVK Group’s finances have under strain and now comes around to selling the stake to Adani Group. Mumbai, Chattrapati Shivaji Maharaja International Airport is the India’s second busiest airport.
In October 2019, GVK Group agreed to sell 79 percent of its stake in GVK Airport Holdings for Rs 7,614 crore to the Abu Dhabi Investment Authority (ADIA), Canada’s Public Sector Pension (PSP) Investments, and state-owned National Investment and Infrastructure Fund (NIIF).
Adani Group will become the largest airport operator other than state-run AAI With the six non-metro airports and MIAL. In the annual report, Adani Enterprises unveiled its ambition to be the largest private airport developer by developing world-class infrastructure at airports, both at airside and landside, enhancing passenger experience and creating entertainment destinations (airport village, hotels, and malls).
To achieve the aim, Adani Group also plans to increase domestic airline connectivity to new and under-served destinations and raise the number of flights to long-haul destinations in the West and even to South-East Asia.
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