GVK, partners agree to settle Mumbai Airport stake issue

GVK moved closer to resolving a dispute over plans by partners Airports Company South Africa (ACSA) and Bidvest Services to sell their stake in Mumbai International Airport (MIAL), a move that would help stave off a takeover bid by the Adani Group. GVK offered in the Delhi High Court to frame an agreeable formula to acquire their shares.

“The parties have agreed to settle the dispute amicably and GVK has assured that it will buy out its minority investors,” said a lawyer  advising one of the parties. “During the last hearing, the court had asked the parties to see if they could resolve it amicably, and in today’s hearing, the parties have shown interest to reach a settlement.”

Justice Sanjeev Narula adjourned the matter to April 29 and observed that the parties should try and resolve the issue by then and file their responses and counter-responses in the matter.  Read More

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