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GVK Power & Infrastructure inks pact to sell stake in airports business

Friday, 19 Apr 2019
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GVK Power & Infrastructure has signed an agreement to sell 49 percent stake in its airports business to the Abu Dhabi Investment Authority (ADIA) and the National Investment and Infrastructure Fund (NIIF).

ADIA and the local fund will invest in GVK Airport Holdings by acquiring new shares. All proceeds from the proposed transaction will be used by GVK towards retiring debt obligations.

NIIF and ADIA are likely to infuse the funds through a combination of equity and debt, valuing Mumbai International Airport (MIAL) at Rs 12,500-13,000 crore as apposed to Adani’s offer of Rs 9,500 crore. Additionally, they are also negotiating a structured debt instrument to infuse Rs 3,500 crore of funds.

GVK Power & Infrastructure will use the proceeds to buy out the two South African JV partners Bidvest and ACSA from MIAL and also the three existing lenders ICICI, HDFC Bank and Yes Bank.

GVK Power & Infrastructure holds 50.50 percent stake in MIAL that operates the airport in the financial capital and has the contract to develop a new airport in Navi Mumbai.

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