Mumbai Airport to change hands from GVK to Adani

Mumbai Airport, which was the second-busiest airport in India, has changed hands, in a not very surprising move. The Mumbai International Airport was transferred to GVK Group for developing the airport and operating it in April 2006. After doing a fabulous job making it great and perhaps an airport that Mumbai deserved after operating out of a dump yard for years,  GVK Group is now going to transfer the ownership of the airport to the Adanis.

The Adani Group has acquired a majority stake in the Mumbai International Airport, by buying 74% stake from major shareholders. Out of this, 50.5% stake is being acquired from the GVK Group and 23.5% from the Airports Company South African and the Bidvest Group.

The Adani Group, which only recently entered the airport business, winning rights to operate 6 airports from the Airports Authority of India, including the Jaipur, Lucknow, Guwahati and Ahmedabad airport, has finally made a big catch with Mumbai Airport. This is also good for the health of the new Navi Mumbai Airport project, which was also a part of this deal, and hasn’t taken off the ground due to the financial closure not coming through yet.

In October 2019, GVK had entered into an agreement to sell 79% of its stake in GVK Airport Holdings for INR 7,614 Crores (USD 1.04 Billion Dollars) to a group that included Abu Dhabi’s sovereign wealth fund ADIA, Canada’s Public Sector Pension Investments and the Indian National Investment and Infrastructure Fund.

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