AMP Capital in talks to acquire stake in Mumbai airport
GVK Group is reportedly in advanced talks to sell a strategic stake in the holding company of Mumbai Airport to AMP Capital, at a valuation of between INR30 and 35 billion (US$412.75 to 481.55 million). A preliminary agreement is expected to be signed in early November.
GVK holds a 50.5% stake in Mumbai International Airport Pvt (MIAL) through GVK Airports Holdings Pvt, part of the Group's Power & Infrastructure arm. It is not planning to sell the entire stake, though how much interest it will retain is unknown. Citigroup is managing the sale.
The acquisition is thought to be motivated by the Navi Mumbai airport project. MIAL was awarded a 30-year concession to build and operate a new international airport in the Mumbai region last year. Having reached financial close of the first phase in July, GVK will shortly be starting construction, which will require cash. The upcoming construction works are estimated to cost about INR140 billion (US$1.93 billion).
Country updates
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