Adani Airport acquires 23.5% stake in Mumbai International Airport for $230m

Adani Airport (AAHL), a fully-owned subsidiary of Adani Enterprises, has acquired a stake of 23.5% in Mumbai International Airport (MIAL) or the Chhatrapati Shivaji Maharaj International Airport from ACSA Global and Bid Services Division (Mauritius) for INR 16.85 billion ($230 million).

As per a stock exchange filing, AAHL, Adani Airport purchased 28 million shares at INR 10 in Mumbai International Airport.

The acquisition is said to be part of the deal under which the Adani Group airports business plans to acquire controlling stake as announced in August 2020.

Adani Airport acquires 23.5% stake in Mumbai International Airport for $230m. Photo courtesy of A.Savin (Wikimedia Commons · WikiPhotoSpace)

GVK ADL, a subsidiary of GVK Group, has a stake of 50.5% in Mumbai International Airport. The Airports Authority of India (AAI) holds the remaining stake of 26% in the airport.

Mumbai International Airport will also operate the Navi Mumbai International Airport, which is currently under construction. It has a stake of 74% in the $2.2 billion Navi Mumbai International Airport, which is scheduled to be fully operational in 2023.