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Adani Group to acquire 74% stake in Mumbai airport; to also acquire stake in Navi Mumbai airport

Gautam Adani

Gautam Adani

Billionaire Gautam Adani led conglomerate Adani Group on August 31st announced that it would acquire 74% stake in Mumbai International Airport Limited (MIAL), including 50.5% from GVK Airport Developers and 23.5% from minority partners including Airports Company South Africa (ACSA), and Bidvest Group. This move would make the Adani group, India’s biggest private airport operator.

The conglomerate would also achieve financial closure of Navi Mumbai International Airport project at the earliest in order to commence construction. 
Adani Group will acquire GVK Airport Developers Ltds 50.5% stake, 10% stake from Airport Company of South Africa (ACSA) and 13.5% stake of Bidvest. GVK Group and Adanis have agreed that Adani 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, according to a report by Business Standard. 
In a Bombay Stock Exchange (BSE) regulatory filing, the Adani Enterprises Ltd said, Adani Airport Holdings Limited (AAHL), the flagship holding company of Adani Group for its airports business (and a subsidiary of Adani Enterprises Limited) has entered into an agreement to acquire the debt of GVK Airport Developers Limited (GVKADL). GVK ADL is the holding company through which GVK Group holds 50.50% equity stake in 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 GVKADL from its airport lenders.
The GVK Group and AAHL have agreed that AAHL will offer a standstill 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 has intended 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, the regulatory filing further added. 
NDTV reported, Adani Group already has six airports under its belt, having won bids to run six Airport Authority-built non-metro airports in Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram and Mangalore. The other private operator, GMR Group handles the Delhi and Hyderabad airports.

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Deaf and dumb students put up scintillating show at Radio Mirchi’s ‘Utsav @ Zero Mile’ in Nagpur

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Radhika Dhawad | Photographer : Anurag Raut | Nagpur

Amid heavy rains, Nagpur citizens drenched themselves in patriotism during ‘Utsav @ Zero Mile’ organised by Radio Mirchi on Sunday, August 14. What made the event all the more special was when several deaf and dumb students of Deaf and Dumb School, Shankar Nagar, gave a splendid performance on national anthem that reverberated patriotic fervour. Apart from them, students from Delhi Public School also left people completely mesmerised with their incredibly soothing performance with various musical instruments.

Ex-Indian Idol contestant from the city Kaivalya Kejkar regaled the audience with songs including ‘Maula Mere Lele Meri Jaan’ from Chak De! India.

Also read:RSS Chief Mohan Bhagwat hoists national flag at Nagpur headquarters

 

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Nagpur News

Kids in Nagpur walk ramp in khadi outfits during Azadi Ka Amrit Mahotsav

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Radhika Dhawad | Photographer : Nitin Mankar | Nagpur

In a rare yet commendable initiative, kids walked the ramp in outfits made in Khadi by designer Durgesh Dixit during Khadi Pride. The ramp walk took place at Sugandh Sabhagruha in Nagpur on Sunday, August 14 in the presence of Central Member of Khadi & Village Industries Commission, Micro Small & Medium Enterprises Jaiprakash Gupta. 

Also read:India’s biggest tribal health project launched in Nagpur; over 10,000 to be screen across Vidarbha

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India’s biggest tribal health project launched in Nagpur; over 10,000 to be screen across Vidarbha

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Radhika Dhawad | Photographer : Anurag Raut | Photographer : Nitin Mankar | Nagpur

Maharashtra University of Health Sciences (MUHS) along with the Tribal Development Department in Nagpur launched BLOSSOM that was recently inaugurated by Union Minister Nitin Gadkari. 

BLOSSOM is an initiative that has been launched to reach out to the remotest tribal villages in districts of Chandrapur, Gondia and Gadchiroli in Maharashtra and screen the people for non-communicable diseases and plan suitable interventions.

Launched at Hotel Centre Point Hotel on World Tribal Day, the initiative BLOSSOM stands for: Breast cancer, Liver and lifestyle diseases, Osteoporosis, Sickle cell, Sexually transmitted infections, and Malnutrition.

Around 22 teams would screen a population of 10,000 tribal people across remote villages in the coming three months.

Also read:Nagpur’s Futala Lake comes alive with chants of Bharat Mata Ki Jai on Independence Day

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