With this, Adani also will get control of the new airport coming up at Navi Mumbai

Adani Enterprises Ltd. has announced that it has agreed to acquire majority stake in the company that runs the Mumbai International Airport. With this, Adani also will get control of the new airport coming up at Navi Mumbai.
This deal is subject to regulatory approval.
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We would like to inform that Adani Airport Holdings Ltd. (AAHL), the flagship holding company of Adani Group for its airports business (and a subsidiary of Adani Enterprises Ltd.) has entered into an agreement to acquire the debt of GVK Airport Developers Ltd. (GVK ADL), Adani Enterprises said in a filing with stock exchanges.
The GVK ADL is the holding company through which the GVK Group holds 50.50% equity stake in Mumbai International Airport Ltd. (MIAL), which in turns holds 74% equity stake in Navi Mumbai International Airport Limited (NMIAL).
According to the agreement, the AAHL will acquire the debt of the GVK ADL from its airport lenders.
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The GVK Group and the AAHL have agreed that the AAHL will offer a stand-still to GVK, in addition, to release of the guarantee given by GVK Power and Infrastructure Ltd. with respect to the debt acquired by it, the statement said.
The Adani Group will also take steps to complete the acquisition of a 23.5% equity stakefrom ACSA and Bidvest in MIAL for which it has obtained CCI approval, it added.
Upon the acquisition of the debt of the GVK ADL, the Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in the MIAL, it added.
The AAHL intends to infuse funds into the MIAL to ensure that the MIAL receives much needed liquidity and also achieves financial closure of Navi Mumbai International Airport to be able to commence construction, the statement added.
The GVK Group in a separate statement said it had signed an Agreement to cooperate with Adani in relation to Mumbai International Airport Ltd.
GVK Power & Infrastructure Ltd. along with its subsidiaries, GVK Airport Developers Ltd. (GVKADL) and GVK Airport Holdings Ltd. (GVKAHL) have agreed to cooperate with AAHL…., the statement said.
The terms of cooperation include, acquisition of the debt by Adani from various GVK lenders, including a Goldman Sachs-led consortium and the HDFC, release of the GVK of various obligations, securities and Corporate Guarantees given in respect of debt to be acquired by Adani.
The terms also include the ability for Adani to convert the acquired debt to equity of the GVKADL on mutually agreed terms, subject to obtaining necessary regulatory approvals and infusion of funds by Adani into the MIAL to provide liquidity support.
Adani has also agreed to ensure Financial Closure of the Navi Mumbai International Airport project at the earliest in order to commence construction.
Dr. GVK Reddy, Founder & Chairman, GVK, said, The aviation industry has been severely impacted by COVID-19, setting it back by many years and has impacted the financials of MIAL.
It was therefore important, that we bring in a financially strong investor in the shortest possible time to improve the financial position of MIAL, as well as to help achieve Financial Closure of the Navi Mumbai International Airport project, which is a project of national importance, he said.
He added, It is under these circumstances that we agreed to cooperate with Adani so as to achieve these twin objectives. Further, when the transaction is consummated, which is subject to customary approvals, we would be reducing a significant portion of liabilities to our lenders, which is of utmost importance to the group.
Separately, the GVK has notified the Abu Dhabi Investment Authority, National Investment and Infrastructure Fund and PSP, that the Transaction Documents signed by them with the GVK stand terminated, as it is no longer effective and implementable.
The reason for this decision was the terms of the transaction envisaged in the Transaction Documents were not implementable and the alternative proposals discussed would not provide a resolution to the lenders of ADL by the end of August, which was a requirement of our lenders, the GVK statement said.