NEW DELHI : The country’s second largest airport establishment - the Mumbai International Airport Ltd(MIAL) - will see 75 percent of its shareholding change hands to the Adani Group, the latest in airport sale saga going the Adani way.
The Adanis have been pressuring GVK for years to part with its operational rights in MIAL - an attempt the latter pushed back successfully for this long. However faced with CBI case to the tune of Rs 705 crore now in alleged corruption, the stage is set for the Adani's dream-come-true incursion. MIAL’s current shareholding pattern stands at : GVK - 50.5 percent; Bidwest Group - 13.5 percent; West African company, ACSA - 10% and Airport Authority of India - 26 percent. The Adani’s had in the past tried to acquire stakes of Bidwest and ACSA combined - attempts that were consistently foiled by GVK.
To tide over its financial crisis, GVK approached companies based in Dubai and Canada. But now, dynamics stand changed. CBI has booked GVK for allegedly swiping off Rs 705 crore in fake contracts. The agency has reportedly discovered Rs 310 in loss caused to the government exchequer. With GVK already tangled in ED case for money laundering, the promoters are in rather tight spot and preparing to transfer their stake to the longtime contester, Adani and in an unusually hasty manner.
