That day, Adani group entities signed a share purchase agreement (SPA) with ACSA, and GVK informed the Bombay Stock Exchange (BSE) that GVK Airport Holdings Limited (GVKAHL), a step-down subsidiary of GVK Power and Infrastructure Limited (GVKPIL), would be acquiring Bidvest’s 13.5% stake in MIAL at Rs 77 per share to increase its stake to 64%. On BSE, Adani Green Energy jumped 7.65 per cent, Adani Ports and Special Economic Zone rose by 5.24 per cent and Adani Power 4.97 per cent. According to a notification by the CCI, the acquisition of MIAL by Adani Group was “deemed approved”, given that there was no overlap of businesses offered by either of the parties in the relevant geographic market. 11.28 am | 24 Aug 2020 | Business Standard According to report, the transaction under which Adani Group will acquire 50.5 per cent of GVK Group could be announced before next week September 25, 2020, 12:56 IST explore: Auto The spokespersons of both Adani and GVK refused to comment. Mumbai: In a major setback to the Adani Group's bid to get a hold on Mumbai airport, an arbitration tribunal has restrained it from going ahead with buying out the 13.5 percent stake of South African partner Bidvest Services in the country's the second largest airport. On August 31, GVK Group signed an agreement to let Adani Enterprises acquire its stake in Mumbai airport and Navi Mumbai airport. New Delhi: Billionaire Gautam Adani-led Adani Group has been delivered a huge blow with the Bombay high court declining to restrain South African company Bidvest from offloading its 13.5 per cent stake in Mumbai International Airport (MIAL) to a third party, including the GVK Group, and extending the payment deadline for buying the stake.. Adani Group shares drop after it touches high of 7.6% post GVK deal Zydus Cadila gets DCGI nod for Phase-3 clinical trials for Covid-19 vaccine. GVK Airport Holding, the airport holding company of the GVK group, has alleged breach of the shareholders agreement (SHA) by ACSA by entering into a contract with the Adani … Adani group is in talks to acquire a 50.5 per cent stake held by GVK Group in Mumbai International Airport (MIAL) and another 23.5 per cent of minority partners, Airports Company South Africa (ACSA), and Bidvest Group, two sources with knowledge of the matter said. Reuters India provides latest news & articles on stock market quotes, online stock quotes, India. Get latest articles and stories on Latest News at LatestLY. Latest Business News. Upon the acquisition of GVK ADL's debt, Adani Group will take steps to obtain necessary customary and regulatory approvals to acquire the controlling interest in MIAL, the company added. From a relative newbie to the second largest airport operator in India, Gautam Adani has touched new heights. Adani Group to acquire GVK’s stake in Mumbai airport with 74 pc controlling interest ... Related Latest News. Adani will also take over debt of GVK Airport Developers Ltd (GVKAKL) amounting to ₹2,507. Read Breaking News on Adani news updated and published at Zee News. August 31, 2020 1:30 pm. Adani news- Get latest news on Adani news. This conversion would lead to Adani Group getting all of 50.5 per cent stake of GVK Group. Adani Group stocks in focus; jump up to 7.6 per cent after GVK deal. GVK, however, could not bring money to the table to buy Bid Services Division Mauritius' (Bidvest) stake … Adani Group stocks rally on Mumbai International Airport stake buy buzz. CCI Approves Adani's Acquisition of Stake for Mumbai Airport From GVK. LIVE TV. The Adani Group had filed the defamation suit following his June 2017 article on a "Rs 500 crore bonanza" the group got from the government. Last month, Adani Airport Holdings Ltd (AAHL) entered into an agreement to acquire the debt of GVK Airport Developers Ltd to acquire a controlling interest in the Mumbai airport. GVK, Adani sign an agreement of cooperation for airports business ... More Latest News. Photo: Hindustan Times Adani to acquire Mumbai airport 3 min read. MUMBAI: After ADIA and PSP, now it's GVK's turn to write to the government clarifying their stand on the Mumbai International Airport deal with Adani Group. Adani Airport Holdings has "entered into an agreement to acquire the debt of GVK Airport Developers", Adani Enterprise said. Mumbai: The GVK Group, which is locked in a legal battle with the Adani Group on stake sale in its flagship Mumbai International Airport (MIAL), on Tuesday said it has received a notice from the corporate affairs ministry (), seeking some details about the airport operator. Upon the acquisition of the debt of GVK ADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL. Adani Airport will offer a stand-still to GVK, the filing said, in addition to release of the guarantee given by GVK Power and Infrastructure Ltd. with respect to the debt acquired by it. Latest News | Adani-GVK Airport Deal Gets CCI Green Signal. India reports 16,505 new COVID-19 cases, 19,557 recoveries. In a letter written to Finance Minister Nirmala Sitharaman, on 31st August – the day the transaction was announced --- GVK Reddy, the chairman of the Hyderabad based infrastructure conglomerate highlighted the key reason why Adani …
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