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New Delhi: Billionaire Gautam Adani-led Adani Group has been delivered a huge blow with the Bombay high court declining to restrain South African company Bidvest from offloading its 13.5 per cent stake in Mumbai International Airport (MIAL) to a third party, including the GVK Group, and extending the payment deadline for buying the stake.. The Enforcement Directorate (ED) is set to charge the promoters of the GVK group of companies and officials of Mumbai International Airport Ltd (MIAL), the company the group runs, with money laundering. 7,614 crore in its airports holding company GVK step down subsidiary awards a Major EPC Contract to L&T Construction for the Navi Mumbai International Airport GVK led NMIAL announces financial closure for the Navi Mumbai International Airport Project A file photo of GVK Reddy. Get all the latest news and updates on Gvk Airport only on News18.com. GVK Power & Infra acquires 100% stake in GVK Airport Services. International Courier Terminal Operator at CSMI Airport with effect from 01st August 2020 Click Here. This came after the Central Bureau of Inves­tigation (CBI) unearthed a multi-crore scam of Rs 705 crore in managing the affairs of the airport. It is also developing airports at Bali and Yogyakarta in Indonesia, its website showed. Read all news including political news, current affairs and news headlines online on Gvk Airport today. Democracy has prevailed, says 46th US President Joe Biden in his first speech, Joe Biden ran twice unsuccessfully for US president; know when and why, Donald Trump joins list of former US presidents who skipped inauguration, first in over 100 years; check here, US President Joe Biden lost his ex-wife Neilia, daughter Naomi in accident, Donald Trump's controversial and key moments during US presidency, IPO market heats up; over 30 companies line up public offers, GVK Power & Infra acquires 100% stake in GVK Airport Services, GVK to file up to $250 million IPO for airport unit soon, GVK-Oasis ink Rs 580-cr pact for Mumbai airport land devpt, Changi Airports out of race for GVK's airports stake: GVK, GVK to sell stake in airport business by FY'14 end: Official. GVK signs binding agreements with ADIA, PSP Investments and NIIF for an investment of Rs. GVK … By continuing to use the site, you agree to the use of cookies. GVK had a debt of around `12,854 crore at the end of March 2018. This transaction is part of the process of overall commercial development of 22 million square feet of the airport in phases over a period of ten years. GVK Power & Infrastructure has acquired 100 per cent stake in GVK Airport Services Pvt Ltd, a new subsidiary that will provide technical and consultancy services on the airport business of the firm. Introduction of Export Vehicle Slot Management System’ – MIAL is pleased to inform the trade that a pilot run on Export Vehicle Slot Management System has been introduced through GMAX as a process of generation of TSP. GVK Group, which manages Mumbai and Bengaluru international airports, has received proposals from as many as five companies to sell stake in the airport business and a deal is likely to be sealed by this fiscal end. © 1998-2021 Zee Media Corporation Ltd (An Essel Group Company), All rights reserved. The unit, GVK Airport Developers Pvt, operates airports in Mumbai as well as in Bengaluru. It is worth mentioning here … The firm also received a contract to develop a new airport … GVK also began the process of acquiring the 23.5% stake in the MIAL. The decision to acquire shares from ACSA forms part of GVK Airport’s strategy to keep Adani Group away from Mumbai Airport. Official Chatrapati Shivaji International Airport website - live flight details, arrivals & departures, news & advice, Parking at Mumbai Airport. this link. Under the deal, Adani Group was to take over the 50.5 per cent stake of GVK Airport Holdings, the GVK Power & Infrastructure Ltd arm that is a majority stakeholder in MIAL. Adani Group’s offer to the two the South African firms, ACSA and Bidvest, valued the Mumbai International Airport at around $1.34bn (Rs95bn). Reddy and his son G.V. Adani offered to acquire a 23.5% stake in Mumbai Airport in February this year. It is also the culmination of years of work by operating company GVK to modernise and expand CSIA’s facilities to ensure it can handle the ever-growing passenger numbers passing registered through the gateway, while also positioning it to become a leading international hub. It has locked in a legal battle with Adani Group over stake sale in the country's second busiest airport. GVK Group Chairman, Airport Authority Booked by CBI for Rs 705 Crore Mumbai Airport Scam, WhatsApp New Policy 'Does Not Allow Expanded Data Sharing With Facebook', Claims Company, BYJU'S Young Genius: How Lydian Nadhaswaram and Meghali Malabika Prepared for Excellence, After Amitabh Bachchan's Request on Kaun Banega Crorepati, Cop Couple Transferred to Same City, BYJU'S Young Genius: Meet Lydian Nadhasawaram and Meghali Malabika in Ep 1, Elon Musk Finally Responded to a Game Developer Who Tweeted to Him For Over 154 Days, Malaika Arora Looks Hotter in Shorts Or Gym Tights: Take Your Pick. It is one of the Best Airports and Largest Airports in the world. Singapore's Changi Airports International is now out of the race due to regulatory issues. GVK resisted Adani's bid to … The founder of GVK, which had been aggressively defending its airport … Dr G V K Reddy, Chairman of GVK group, is allegedly involved in irregularities worth Rs 705 crore in the development of Mumbai airport. Heating up the IPO space, over 30 companies have lined up plans to raise funds totalling over Rs 20,000 crore through public offers, including big names like IndiGo, Cafe Coffee Day, Matrix Cellular and GVK Airport. Trouble seems to be mounting for the GVK Group with the Central Bureau of Investigations (CBI) on Wednesday registering a case against GVK Group Chairman G.V.K. GVK made its foray into the aviation sector when it bagged the mandate to operate, manage and develop GVK Chhatrapati Shivaji Maharaj International Airport (GVK CSMIA) in Mumbai. From April 2006, the GVK Group’s GVK Airport Holdings Limited has been operating the Mumbai airport through a joint venture company, Mumbai International Airport Ltd (MIAL). What made the tide turn in favour of the Adani group was the Covid-19 pandemic, which shut down airports the world over, including Mumbai. The deal values GVK’s airport assets, which include Mumbai airport and the upcoming Navi Mumbai airport, at Rs 9,608 crore. (Mint) Mumbai airport scam: CBI books GVK Group chairman GVK Reddy, son 1 min read. The real story behind Adani-Mumbai Airport deal. Upon completion of the transaction, GVK Airport Holdings will have four shareholders—GVK Airport Developers, ADIA, PSP Investments and NIIF—and the GVK Group will hold 20.9% of GVKAHL. Following the completion of this acquisition, GVK’s shareholding in MIAL will increase to 74%, while the Airport Authority of India will hold the remaining stake. GVK to sell stake in GVK Airport Holdings to ADIA and NIIF; GVK holds 74% stake in Mumbai International Airport Ltd (MIAL), while Airports Authority of India owns the remaining 26% The GVK Group has said that it has raised over Rs 7,600 crore from investors which will be used to pare its debt and buy a 23.5% stake in Mumbai International Airport (MIAL). In October, debt-laden GVK Group entered into an agreement to sell 79 per cent of its stake in GVK Airport Holdings for Rs 7,614 crore to the Abu Dhabi Investment Authority (ADIA), Canada's Public Sector Pension (PSP) Investments, and state-owned National Investment and Infrastructure Fund (NIIF). You can find out more by clicking Find Gvk Airport Developers Latest News, Videos & Pictures on Gvk Airport Developers and see latest updates, news, information from NDTV.COM. Sanjay Reddy on allegations that funds of over Rs 805 crore were siphoned off from the Mumbai airport by various means, including bogus work contracts, inflated expenses and under … MUMBAI: In a move that will catapult the Adani Group to being India's biggest airport operator by number of projects, GVK Power and Infrastructure has agreed to cede control of the Mumbai airport and the Navi Mumbai project to the conglomerate, according to separate statements from both entities. GVK Power & Infrastructure has acquired 100 per cent stake in GVK Airport Services Pvt Ltd, a new subsidiary that will provide technical and consultancy services on the airport business of the firm. Home / India News / CBI files case against GVK group over alleged Rs 705 cr scam in development of Mumbai airport Dr G V K Reddy, Chairman of GVK group, is … In August, it was announced the Adani Group will buy GVK Airport Developers’ 50.5% stake as well as buy out the 23.5% stake of Airports Company of … GVK Power & Infrastructure Ltd. (GVKPIL) - Latest News & Headlines Six out of top 10 infrastructure companies struggling to stay afloat 1.34 am | 5 Sep 2020 | Business Standard Adani Airport will offer a standstill to GVK, in addition, to release of the guarantee given by GVK Power and Infrastructure Limited with respect to the debt acquired by it. A case has been registered against G Venkata Krishna Reddy, the chairman of the GVK Group of Companies and the Mumbai International Airport Ltd … Updated: 02 Jul 2020, 06:09 AM IST PTI . 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