1 September 2020, Genewa, GERMANY
With reference to the captioned subject, we would like to inform that Adani AirportHoldings Limited (“AAHL”), the flagship holding company of Adani Group for its airportsbusiness (and a subsidiary of Adani Enterprises Limited) has entered into an agreement toacquire the debt of GVK Airport Developers Limited (“GVK ADL”).
GVK ADL is the holding company through which GVK Group holds 50.50% equity stake in Mumbai International Airport Limited (“MIAL”), which in turns holds 74% equity stake in Navi Mumbai International Airport Limited (“NMIAL”).
According to the agreement, AAHL will acquire the debt of GVK ADL from its airport lenders.
The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in
addition, to release of the guarantee given by GVK Power and Infrastructure Limited with respect to the debt acquired by it. The Adani Group will also take steps to complete the acquisition of a 23.5% equity stake from ACSA and Bidvest in MIAL for which it has obtained CCI approval. 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.
AAHL intends to infuse funds into MIAL to ensure that MIAL receives much needed
liquidity and also achieves financial closure of Navi Mumbai International Airport to be able to commence construction.
Source: CAPA; Photo: DNA India