Mumbai/New Delhi: State-owned Airports Authority of India (AAI) is said to be planning a surprise bid for the stake held by two overseas investors in Mumbai International Airport Ltd (MIAL), a top official told ET.
The stakes are held by Bidvest and ACSA, both of South Africa, which are seeking to exit the company.
Their combined 23.5% holding is at the centre of a tussle between the GVK Group, which runs the facility and wants to retain control, and the Adani Group, which is seeking to acquire the stakes.
“Both ACSA and Bidvest are ready to sell and we plan to bid for it,” said the AAI official cited above. “We have sought an approval from the aviation ministry on this.” AAI can comfortably fund the purchase, he said.
AAI has decided to bid as part of a bigger plan to get involved in public private partnership (PPP) projects through special purpose vehicles (SPVs) and also bid for greenfield PPP projects.
A GVK source said AAI hadn’t exercised its RoFR in time and there was no question of the state-owned company entering the fray.
The GVK Group won the right to develop Mumbai airport through a bidding process in 2006.
GVK airport holds a 50.50% stake in Mumbai International Airport Private Ltd (MIAL) that operates the airport in the financial capital. The consortium has invested about Rs 12, 000 crore in the project and is widely considered to have built a world-class airport- about Rs 6,000 crore came from GVK.
More importantly, GVK derives 90% of their group revenues from MIAL.
07/09/19 Mihir Mishra/Arjit Barman/Economic Times
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The stakes are held by Bidvest and ACSA, both of South Africa, which are seeking to exit the company.
Their combined 23.5% holding is at the centre of a tussle between the GVK Group, which runs the facility and wants to retain control, and the Adani Group, which is seeking to acquire the stakes.
“Both ACSA and Bidvest are ready to sell and we plan to bid for it,” said the AAI official cited above. “We have sought an approval from the aviation ministry on this.” AAI can comfortably fund the purchase, he said.
AAI has decided to bid as part of a bigger plan to get involved in public private partnership (PPP) projects through special purpose vehicles (SPVs) and also bid for greenfield PPP projects.
A GVK source said AAI hadn’t exercised its RoFR in time and there was no question of the state-owned company entering the fray.
The GVK Group won the right to develop Mumbai airport through a bidding process in 2006.
GVK airport holds a 50.50% stake in Mumbai International Airport Private Ltd (MIAL) that operates the airport in the financial capital. The consortium has invested about Rs 12, 000 crore in the project and is widely considered to have built a world-class airport- about Rs 6,000 crore came from GVK.
More importantly, GVK derives 90% of their group revenues from MIAL.
07/09/19 Mihir Mishra/Arjit Barman/Economic Times
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