GVK raises funding for 23.5% stake in Mumbai Airport
GVK Power & Infrastructure's subsidiaries, GVK Airport Developers (GVKADL) and GVK Airport Holdings (GVKAHL) have secured funding to buy 23.5% stake in Mumbai International Airport Limited (MIAL) from Bidvest and ACSA. GVKAHL has received an investment of INR 76,140 million (US$ 1,078.27 million) from Abu Dhabi Investment Authority (ADIA), Public Sector Pension Investment Board (PSP Investments), AviAlliance, and National Investment & Infrastructure Fund (NIIF).
Currently, MIAL is owned by GVK Airport Developers (50.5%), AAI (26%), Bidvest (13.5%) and ACSA (10%). Bidvest and ACSA was planning to sell their 23.5% stake and had an offer from Adani, But GVKADL invoked the right to first offer.
Upon completion of the transaction, the investors will own 79.9% in GVKAHL and the rest 20.1% will be owned by GVKADL.
The MIAL is responsible for the operation, modernizing and upgrading of Chhatrapati Shivaji Maharaj International Airport in Mumbai. Located in the western state of Maharashtra, CSMIA is one of India’s busiest airports having recorded passenger traffic of 36.63 million in 2014-15, along with cargo traffic of 694,261 tonnes. MIAL has also won the bid to develop Navi Mumbai International Airport (NMIA) through Navi Mumbai International Airport (Private) (NMIAL) which is the subsidiary of MIAL.
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