Adani Group to obtain 74% stake in Mumbai International Airport
Published On: Monday, August 24, 2020 | By: Team KnowMyStock
Shares of Adani Group companies rallied up to 9 per cent on Monday after the Company is set to acquire a 74 per cent stake in Mumbai International Airport (MIAL) for nearly Rs 15,000 crore, which operates the country’s second-largest airport, with the current operator settling its disputes with its minority partner and exiting the venture. Adani Green Energy surged 9.35 per cent to Rs 411.90 on the BSE while Adani Enterprises gained 4.13 per cent at Rs 242.85. Besides, Adani Power, Adani Ports and Special Economic Zone, and Adani Gas rose in the range of 1-2 per cent. Adani Group might acquire the 50.5 per cent stake of GVK Group in MIAL and will buy the remaining 23.5 per cent from the minority partners, Airports Company South Africa (ACSA) and Bidvest Group.ACSA and Bidvest hold 10 and 13.5 per cent stake, respectively, in MIAL. The deal with MIAL would make Adani the largest private airport operator in India, after the GMR Group, which operates the Delhi and Hyderabad airports.
The Union Government has granted Adani Enterprises the permission to operate the Thiruvananthapuram, Ahmedabad, Jaipur, Lucknow, Mangaluru and Guwahati airports through the public-private partnership (PPP) model.
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