will pay close to Rs 15,000 crore for the total transaction, the report said.
Last week, the Union government announced the leasing of three Airports Authority of India (AAI)-run airports to Adani Enterprises through public-private partnership (PPP) for 50 years. The three airports -- Guwahati, Thiruvananthapuram, and Jaipur -- are part of the six airports won by the Adani group under a competitive bidding process. The group had, in February, signed a concession agreement with AAI to manage airports in Ahmedabad, Lucknow and Mangalore but approval regarding the other three had been deferred.
With six airports already under its belt, the majority stake buy in MIAL will make the Adani group the largest private airport operator after GMR Group.
Meanwhile, shares of GVK Power Infrastructure were locked in 5 per cent upper circuit at Rs 2.99 on the BSE. At 11 AM, there were 1.13 crore pending buy orders on the BSE and NSE combined.
According to the report, the promoters of the two groups — G V K Reddy and Gautam Adani — have in-principle agreed on the contours of the deal, which will see GVK ending litigation with Bidvest and ACSA.
GVK and the two minority partners are locked in court battles and arbitration since the past year, with the firms seeking to exit from the airport venture by selling their stake to Adani Group. GVK had moved court to block the attempts of sale, citing it has the right of first refusal. However, the company hasn’t been able to mop up funds. The group will use the proceeds from the transaction to clear debt, which stands at around Rs 6,000 crore.
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