GVK's airport stake | Canada's PSP Investments to tie up with ADIA-NIIF: Report
PSP Investments, ADIA and NIIF will be co-promoters with equal stake in the company,the report said.
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Canada's PSP Investments, Abu Dhabi Investment Authority (ADIA), and India's NIIF are reportedly teaming up to buy 49 percent of GVK Airport Holdings for Rs 6,000 crore.
PSP Investments, ADIA and NIIF will be co-promoters with equal stake in the company, according to a report in The Economic Times.
The deal will help GVK clear some of its debt, and fend off Gautam Adani's bid for Mumbai International Airport, which values the company at Rs 9,500 crore.
Moneycontrol could not independently verify the story.
"The clock is ticking. GVK needs to stitch up its funding or else they may end up losing their crown jewel," a source told the paper.
GVK had already signed an agreement with ADIA and NIIF in April, offering up to 49 percent of the company.
The proceeds might be used to buy out partners Bidvest and ACSA from MIAL and cut debt taken from ICICI Bank, HDFC Bank and Yes Bank, the report added.
The Delhi High court on July 1 gave Bidvest approval to sell its stake to a third party.
Bidvest holds a 13.5 percent stake in GVK Airport Holdings, while ACSA Global owns 10 percent. The remaining 26 percent is held by Airports Authority of India (AAI).
The GVK-led consortium has been operating Mumbai's Chhatrapati Shivaji Maharaj International Airport since 2006.
Original Source: https://www.moneycontrol.com/news/business/gvks-airport-stake-canadas-psp-investments-to-tie-up-with-adia-niif-report-4204231.html