GVK and Adani are both big names in infrastructure. GVK broke the mould as developer of the Mumbai International Airport, and turned it into one of the best in the world but is cash-strapped now and has been forced to restrain any expansion. Adani is also deep in debt and although new to the airport business, is driven by an unmistakable ambition to make it big in the business. Other than a big-bang entry early this year into this space by winning bids to operate six airports, the Adani Group also seems keen to have a say in the running of the Mumbai International Airport (MIAL) in which GVK has a 50.5 percent stake.
The Adani Group has been in the news for its private offer to South Africa’s Bidvest Group, which holds a 13.5 percent stake and a board seat in MIAL, and is seeking to buy Bidvest’s stake at Rs 77 per share for around Rs 1,200 crore. But GVK is fighting tooth and nail — after all, the airport business revenue of around Rs 3,700 crore, largely from this airport, accounts for nearly 90 percent revenue of its listed entity, GVK Power & Infrastructure. The group has moved court for exercising its right of first refusal for the Bidvest stake and is arranging funds to back its offer.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Why Pak New Map Is A Sham
Pakistan’s move comes exactly a year after India scrapped Art 370
‘Forget Cash Reward'
Wrestler Divya’s father narrates humiliation he and his daughter faced for questioning Delhi CM Kejriwal
BJP Sends Its 20 MLAs To Gujarat Ahead Of Trust Vote
The BJP has hit out at the Ashok Gehlot-led Congress government in Rajasthan claiming that moral and immoral means were being used in an attempt to induce BJP MLAs before the assembly session which convenes on August 14.
Gamers In Delhi Easy Prey For Cybercon
Crooks make fake profiles to lure young addicts into buying gaming points, steal money with debit card & e-wallet details
Men WHO Braved Odds To Save Lives
Kozhikode Plane Crash
Pak Maintain Firm Grip
Bundle out England for 219 to open 127-run lead on Day 3
Virus Wreaks Havoc In U.S. As 2,060 Die In Single Day
Europe remains the hardest-hit region globally with 200K deaths
Why Chennai Fears Abeirut Redux
Presence of 740 tonnes of ammonium nitrate at Sattva freight station raises safety concerns
Beirut's Accidental Cargo
An unscheduled stop to pick up extra cargo led to the disaster
Gates Backs Poonawalla With $150 Mn War Chest
Virus vaccine to be rolled out in early 2021
