Photo: Hindustan Times Adani to acquire Mumbai airport 3 min read. Latest News Opinion TECHNOLOGY Personal Tech Auto Fintech MEDIA Podcast Slideshows Infographics Videos OTHERS ... Good news and hopefully we get Best returns for a GVK & Adani deal hold strong and keep petience, I Will Great things to jump more values. September 25, 2020, 12:56 IST explore: Auto 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. Latest News. 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. Updated: 01 Sep 2020, 06:15 AM IST Tanya Thomas . Also Read 7th Pay Commission Latest News: Govt hikes DA by 4 pc for workers,.. Adani Group on Monday said it had decided to acquire debt of GVK Airport Developers (GVKADL), the firm through which GVK Group holds 50.5% … Reuters India provides latest news & articles on stock market quotes, online stock quotes, India. CCI Approves Adani's Acquisition of Stake for Mumbai Airport From GVK. The spokespersons of both Adani and GVK refused to comment. 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. Ananya Panday: Deepika Padukone is the biggest sweetheart. In August, it was announced the Adani Group will buy GVK Airport Developers’ 50.5% stake as well as buy out the 23.5% stake of Airports Company of South Africa and the Bidvest Group. Adani's Carmichael project- Get latest news on Adani's Carmichael project. GVK, Adani sign an agreement of cooperation for airports business ... More Latest News. From a relative newbie to the second largest airport operator in India, Gautam Adani has touched new heights. 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. 95 crore which, on full conversion, will be 95 per cent of the paid-up capital of GVKADL. Corporates Press Trust … Latest News | Adani-GVK Airport Deal Gets CCI Green Signal. Adani Group to acquire GVK’s stake in Mumbai airport with 74 pc controlling interest ... Related Latest News. He did this in less than 24 months after achieving a double hat trick by winning concession agreements for six airports Jaipur, Guwahati, Ahmedabad, Mangaluru, Lucknow and Thiruvananthapuram. 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 … 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. Zydus Cadila gets DCGI nod for Phase-3 clinical trials for Covid-19 vaccine. Read Breaking News on Adani's Carmichael project updated and published at Zee News. 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. 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%. Adani Group shares drop after it touches high of 7.6% post GVK deal Read Breaking News on Adani news updated and published at Zee News. 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.. 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. Adani news- Get latest news on Adani news. 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. Adani Group had in March 2019 agreed to acquire 13.5 per cent stake of South African company, Bidvest for Rs 1,248 crore. The Competition Commission has approved Adani Group's proposed acquisition of controlling stake in Mumbai airport from GVK Airport Developers under the green channel route. This conversion would lead to Adani Group getting all of 50.5 per cent stake of GVK Group. Latest Business News. 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 … The Adani Group is soon going to take over Mumbai International Airport Ltd (MIAL), and the upcoming Navi Mumbai Airport, where it is acquiring a controlling stake from outgoing promoter GVK Group. SynopsisThe terms of cooperation include acquisition of debt by Adani from various GVK lenders including a Goldman Sachs led consortium and HDFC; releasing GVK of various obligations, securities and corporate guarantees given in respect of debt to be acquired by Adani; the ability for Adani to convert the acquired debt to equity of its airport… India reports 16,505 new COVID-19 cases, 19,557 recoveries. Adani Airport Holdings has "entered into an agreement to acquire the debt of GVK Airport Developers", Adani Enterprise said. Adani will also take over debt of GVK Airport Developers Ltd (GVKAKL) amounting to ₹2,507. Get latest articles and stories on Latest News at LatestLY. GVK Power & Infrastructure Ltd. (GVKPIL) - Latest News & Headlines Six out of top 10 infrastructure companies struggling to stay afloat 1.34 am | 5 Sep 2020 | Business Standard Adani Group stocks in focus; jump up to 7.6 per cent after GVK deal. 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. On August 31, GVK Group signed an agreement to let Adani Enterprises acquire its stake in Mumbai airport and Navi Mumbai airport. Adani Group stocks rally on Mumbai International Airport stake buy buzz. 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 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. August 31, 2020 1:30 pm. 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. Together with 50.50 per cent stake of GVK, Adani's total holding in Mumbai airport will be 74 per cent after completion of the transaction. LIVE TV. However, GVK Group blocked the deal claiming the right of first refusal. 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