AAHL, the flagship holding company of Adani Group's airport business, will hold nearly 98 percent stake in GVK Airport Developers Ltd (GVKADL) pursuant to the rights exercised by it as a lender to the company.
Adani Airport Holdings Ltd (AAHL) has already taken over the management control of Mumbai International Airport Ltd (MIAL), the operator of the country's second largest airport.
According to a regulatory filing on Wednesday, AAHL, a wholly-owned subsidiary of Adani Enterprises Ltd, "pursuant to the rights exercised by it as a lender of GVKADL, will hold 97.97 percent of the paid up equity capital of GVKADL". GVKADL is the holding company of GVK Airport Holdings Ltd (GVKAHL) which holds 50.50 percent equity stake in MIAL. The latter holds 74 percent equity stake in Navi Mumbai International Airport Ltd.
"Debt held by AAHL in GVKADL has been converted into equity shares of GVKADL," the filing said. Further, the board of directors of GVKADL and GVKAHL have been entirely reconstituted with AAHL's nominees. The nominee directors representing the GVK Group have resigned.
As per the filing, a nominee of AAHL has been appointed as the Chairman and Managing Director of MIAL. Adani Group will have 74 percent stake in Mumbai's Chhatrapati Shivaji Maharaj International Airport, post the stake purchase transaction, with 50.5 percent being bought from GVK Group and 23.5 percent from minority partners including Airports Company South Africa (ACSA), and Bidvest Group.
With eight airports (in its management and development portfolio), AAHL is now India's largest airport infrastructure company, accounting for 25 percent airport footfalls.