In a recent move, the ownership of Mumbai's Chhatrapati Shivaji Maharaj International Airport (CSMIA) has been passed finally to Adani Airports. The approval process was conducted by the Airports Authority of India (AAI) has approved who the transfer of the airport to Adani Airports.
As per reports, AAI has a 26 per cent stake in the airport. Earlier, CSMIA was owned by GVK, AAI and two other partners, Mumbai International Airport Limited (MIAL), and GVK had the highest participation in this. However, the GVK group later faced financial trouble. Besides this, both the other important partners also parted ways with the GVK group, owing to which GVK had to sell the airport to the Adani Group.
This was conducted after the CBI filed a case the following year for financial transactions.
Currently, Adani Airports has bought 50.50 per cent stake in GVK at the airport, and even after this, the airport subsidiary will have a debt of INR 3,739 crore. On the other hand, MIAL has a debt of INR 8,109 crore.
Reports state that Adani Airports will repay 95 per cent of the loan, and with that, 74 per cent stake in the airport will go to Adani. Meanwhile, AAI will retain its stake of the remaining 26 per cent.