Log in Register

Login to your account

Don't have an account yet? Register now!
Username *
Password *
Remember Me

Create an account

Fields marked with an asterisk (*) are required.
Name *
Username *
Password *
Verify password *
Email *
Verify email *

GVK to sell 49% in Mumbai Airport

  • 24 April 2019

GVK Power & Infrastructure has announced that its subsidiaries, GVK Airport Developers Limited (GVKADL) and GVK Airport Holdings Limited (GVKAHL), have signed a term sheet and exclusivity agreement with the Abu Dhabi Investment Authority (ADIA) and the National Investment & Infrastructure Fund (NIIF) for an investment in new shares in GVKAHL equating to a 49 per cent stake. The transaction is subject to conclusion of confirmatory due diligence by ADIA and NIIF, agreement on definitive documents and satisfaction of customary closing conditions including regulatory/third party approvals and lender consents.

GVK had initiated a process to identify and select preferred investors to raise capital to reduce or refinance debt obligations of up to Rs 5,750 crore. Citigroup Global Markets India is acting as the exclusive financial advisor to GVK for the transaction. ADIA and NIIF were selected as the preferred partners by GVK following this process. All proceeds from the proposed transaction will be used by GVK towards retiring debt obligations.

GVK Reddy, Founder and Chairman, GVK, commenting on this development said, "We are delighted to sign these agreements with ADIA and NIIF. The funds brought in through this proposed transaction will help us deleverage as we continue with our endeavours to create the infrastructure for a strong aviation hub in India that will provide the impetus for growth and development for the entire country. Our future focus will be on delivering Navi Mumbai International Airport, successfully monetising Mumbai airport’s real estate and building a strong airports business at GVK.” 

Login to post comments

 

.

UBM Travel Portfolio

  • slider-logo1.png
  • slider-logo2.png
  • slider-logo4.png
  • slider-logo3.png

  1. Events
  2. Webinars

World Routes 2019

From: 21 Sep 2019 To: 24 Sep 2019

WTM London

From: 04 Nov 2019 To: 06 Nov 2019

PATA Travel Mart

From: 18 Sep 2019 To: 20 Sep 2019

ITE HCMC

From: 05 Sep 2019 To: 07 Sep 2019

ITB Asia

From: 16 Oct 2019 To: 18 Oct 2019
  • Yas Island : A Holiday Destination Like No Other
    Date : 24th January 2019
     
  • Experience Macao- Magical Blend of Traditions, Festivals & Culture
    Date : 11th December 2018
     
Webinar Archives
  1. Appointment