Adani’s Acquisition Bid for Mumbai Airport is Approved by CCI
The Competition Commission of India (CCI) has approved the Adani Airport Holdings' (AAHL) acquisition of a controlling stake in the Mumbai Airport from the GVK Airport Developers Ltd.
The approval was given through the ‘green channel’ route. Green channel is an automatic approval system, whereby a combination is deemed to have been approved by the CCI upon receiving the filing of the notice for the combination by the parties concerned.
“Commission received Green Channel combination pertaining to acquisition of GVK Airport Developers Limited by Adani Airport Holdings Limited. This is the 17th Green Channel filing,” the anti-trust body said in a tweet.
Last month, Adani Airport Holdings Ltd (AAHL) entered into an agreement to acquire the debt of GVK Airport Developers Ltd to acquire a controlling interest in the Mumbai airport.
In a regulatory, Adani Enterprises had said that as per the agreement, Adani Airport will acquire the debt of GVKADL from its lenders. The lenders include a Goldman Sachs-led consortium and HDFC.
The GVK Group and AAHL agreed that the latter will offer a stand-still pact to GVK, in addition, to release of the guarantee given by GVK Power and Infrastructure Ltd with respect to the debt acquired by it.