Adani Enterprises arm Adani Airports acquired 23.5 percent stake in Mumbai International Airport.
The Gautam Adani led conglomerate completed the acquisition of 23.5 per cent equity stake in Mumbai International Airport Ltd (MIAL) from Airports Company South Africa (ACSA) and Bid Services Division (Mauritius) Ltd for Rs 1,685.2 crore.
The Indian multinational is set to extend shareholding to 74 per cent in MIAL, a joint venture between the Airports Authority of India and GVK Industries, which will provide the group ownership of the upcoming Navi Mumbai airport in which MIAL holds majority stake.
Adani Airport Holdings Ltd (AAHL), a wholly-owned subsidiary of Adani Enterprises, has bought 28.2 crore equity shares in MIAL which operates the country's largest airport after New Delhi.
"AAHL, the flagship holding company of Adani Group for its airports business and a wholly-owned subsidiary of Adani Enterprises Ltd, has acquired 23.5 per cent equity stake, that is 28,20,00,000 equity shares of Rs 10 of Mumbai International Airport Ltd from ACSA Global Ltd and Bid Services Division (Mauritius) Ltd (Bidvest)," the company said in regulatory filings at stock exchanges.
MIAL is engaged in the business of development, construction and operation of Chhatrapati Shivaji Maharaj International Airport.