A case has been registered against G Venkata Krishna Reddy, the chairman of the GVK Group of Companies and the Mumbai International Airport Ltd for alleged irregularities to the tune of Rs 805 crore, sources told NDTV. The airport operator, according to the rating agency, has a cash balance of around Rs 150 crore and unutilised working capital of Rs 110 crore as on Aug. 1, 2020. But investigation has revealed that these accused have also under-reported the revenue of MIAL during the same period. Adani Airport Holdings Ltd., also a subsidiary of Adani Enterprises Ltd., has signed an agreement to acquire the debt of GVK Airport Developers Ltd., according to an exchange filing. 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.. In January 2006, GVK led consortium, comprising of Airports Company South Africa and Bidvest won the bid to manage and operate GVK CSMIA. Bloomberg | Quint is a multiplatform, Indian business and financial news company. The debt will be converted into equity. The decision to acquire shares from ACSA forms part of GVK Airport’s strategy to keep Adani Group away from Mumbai Airport. Adani Airport will offer a stand-still to GVK, the filing said, in addition to release of the guarantee given by GVK Power and Infrastructure Ltd. with respect to the debt acquired by it. Most of this was said to be real estate development in the 200-acre undeveloped land parcel around the Mumbai airport between 2017-18, the agency contended. In its FIR, the premier investigating agency alleged that the accused had siphoned off Rs 310 crore by showing execution of bogus work contracts with nine other private companies. But, according to Crisil, there’s limited visibility on treatment of accrued interest of around Rs 147 crore for period of moratorium from March to August 2020. Mumbai airport, being one of the busiest and most lucrative in the country, has been on Adani’s radar for over a year. A worker looks at a mural as he rides on an escalator inside the newly built Terminal 2 of the Chhatrapati Shivaji International Airport, operated by GVK Power & Infrastructure Ltd., in Mumbai, India. Also, MIAL is not able to draw cash balance in escrow account because of pending judgment of Delhi High Court regarding payment of Annual Fee, Crisil said. The Mumbai Airport scam involves allegedly irregularities to the tune of Rs 805 crore. A case has been registered against G Venkata Krishna Reddy, the chairman of the GVK Group of Companies and the Mumbai International Airport Ltd … Missing BloombergQuint's WhatsApp service? During the meeting, officials reviewed the technical aspect after Adani Group took over the control of the proposed airport from GVK Group, which handled Mumbai International Airport. In an agreement signed on Monday, AAHL has agreed to acquire the entire 50.5 per cent stake of GVK Airport Developers Ltd in Mumbai International Airport Ltd (MIAL). Aug 12, 2013, 17:32 PM IST 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. Given current state of operations, its ability to generate accruals over near term is curtailed. Prior to the suspension of passenger flight services on March 25 in the wake of nationwide lockdown to combat the coronavirus pandemic, the AAI-GVK group-run airport had been operating over 1,000 daily … The aviation industry has been severely impacted by Covid-19, setting it back by many years and has impacted the financials of MIAL, according to GVK Reddy, founder and chairman at GVK. The GVK owned 50.5 per cent of the shares and 26 per cent was with AAI. With a vision to become one of the world's best airports, GVK has been continuously consistently upgrading CSMIA to an airport that delights its guests Read More All … Track Latest News Live on NDTV.com. : Amarinder Singh On NIA Summons To Farmers, First Case Under New Law Against "Love Jihad" Filed In Madhya Pradesh, This website follows the DNPA Code of Ethics. The rest will be used for the modernization, operation and maintenance of the airport. MIAL has Rs 8,646.74 crore of bank rupee term loans, Crisil had said in its Aug. 19 report, as it downgraded the company’s proposed Rs 2,000-crore non-convertible debenture issue. … Adani Airport Holdings Ltd., also a subsidiary of Adani Enterprises Ltd., has signed an agreement to acquire the debt of GVK Airport Developers Ltd., according to an exchange filing. Adani “will also take steps to complete the acquisition of 23.5% equity stake from ACSA and Bidvest in MIAL, for which it has obtained the CCI (Competition Commission of India) approval.” ACSA and Bidvest hold 10 and 13.5% stake, respectively, in MIAL. The founder of GVK, which had been aggressively defending its airport business for a year … Adani Airport Holdings Ltd (AAHL), the flagship holding company of the Adani group for its airports business, has entered into an agreement to acquire the debt of GVK Airport Developers Ltd (GVK ADL). The case, filed by the Central Bureau of Investigation, also names officials of the Airport Authority of India and nine other private companies. If added, the total loss to the public exchequer will be more than Rs 1,000 crore," sources in the CBI told NDTV. The agency also alleged that "the promoters of the GVK Group of Companies with criminal intention to cause loss to AAI, used the surplus funds of MIAL to the tune of 395 crore to finance their other group companies between 2012 and 2018". 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… MIAL has upcoming debt servicing obligations of around Rs 65 crore on project loans within September 2020. This is not the first time that GVK Group has landed in problems with regard to Mumbai International Airport (MIAL), the group's flagship airport venture. It was also to bring in a financially strong investor in the shortest possible time to improve the financial position of MIAL, and help achieve financial closure of the Navi Mumbai International Airport project, he said in a statement. GVK Airport Holdings, a subsidiary of GVK Power and Infrastructure, has agreed to acquire a 10% additional stake in Mumbai International Airport Limited (MIAL) for around $134.01m (Rs9.24bn). "The promoters of the GVK Group of Companies in MIAL have embezzled more than 100 crore of the joint venture company by resorting to inflating the expenditure of MIAL," the FIR read. Adani Group’s offer to the two the South African firms, ACSA and Bidvest, valued the Mumbai International Airport at around $1.34bn (Rs95bn). 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 December last year, the GVK Group wrote to the City and Industrial Development Corporation (CIDCO), the nodal agency for the Navi Mumbai airport project, saying the Covid-19 pandemic has severely cut air travel demand and that Mumbai will not need a second airport till 2025. GVK Group holds 50.50 per cent equity stake in Mumbai International Airport Limited (MIAL). Watch, Exclusive: China Has Built Village In Arunachal, Show Satellite Images, Former UP MLA Donates Over Rs 1 Crore For Ram Temple Construction, Nagpur Man Accused Of Sexually Assaulting Daughter Killed: Police, Kamala Harris Officially Resigns From Senate 2 Days Before Inauguration, No Children Below 15 Allowed At Republic Day Parade Amid Pandemic, Do They Look Like Terrorists? "The wrongful gain to the accused, mainly the promoters of GVK Group of Companies works out to be around Rs 805 crore as per the complaint. Mumbai: The operator of the Mumbai international airport said on Sunday it will resume commercial passenger services on domestic routes from May 25 with 25 departures and arrivals each. It will then convert the acquired debt to equity of GVK Airport Developers—the holding company through which GVK Group holds 50.50% equity stake in MIAL—on mutually agreed terms, subject to obtaining necessary regulatory approvals. The agreement signed between AAI and MIAL in 2006 stipulates that MIAL shall run the Mumbai airport and they will have to share 38.7 per cent of their revenue with the AAI as annual fees. The Central Bureau of Investigation (CBI) has registered a corruption case against G.V.K. 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. 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 Adani Group’s holding company is set to acquire a controlling stake in Mumbai International Airport Ltd., in a move that may provide the operator of India’s second-largest airport with the much-needed liquidity. According to a notification by the CCI, the acquisition of MIAL by Adani Group was “deemed approved”, given that there was no overlap of businesses offered by either of the parties in the relevant geographic market. The investors sent a legal notice on August 27 through their lawyer, AZB & Partners, stating that the sale of Mumbai International Airport (MIAL) to the Adani Group will be a “breach” of GVK’s contract with them. The two firms did not give further financial details of the deal. Shrimi Choudhary | New Delhi Last Updated at July 3, 2020 09:20 IST 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. That will give Adani nearly 74% stake in MIAL. GVK Reddy is the chairman of MIAL and GV Sanjay Reddy, who has also been named in the FIR, is the Managing Director of MIAL. The real story behind Adani-Mumbai Airport deal. The Adani group is acquiring GVK’s stake in Mumbai airport in a deal that will make it the country’s largest private airport operator. The Enforcement Directorate (ED) on Tuesday conducted extensive search operations at the residence and office premises of GVK group Chairman G V K Reddy and his son G V Sanjay Reddy in Mumbai and Hyderabad, in connection with the alleged Rs 705-crore Mumbai airport scam. ................................ Advertisement ................................ CBI Case Against GVK Group, Airports Authority Over Mumbai Airport Scam, CBI Arrests Senior Railway Official, 2 Others In Rs 1 Crore Bribery Case, 2 CBI Officers Suspended For Taking Bribe From Bank Fraud Accused, CBI Officers Received Bribe From Firms Accused Of Bank Fraud, Says FIR, Pant Sings "Spiderman" Song Behind The Stumps, Video Goes Viral. Adani offered to acquire a 23.5% stake in Mumbai Airport in February this year. According to the FIR, a Joint Venture company named Mumbai International Airport Ltd or MIAL was formed by GVK Airport Holdings Ltd, Airport Authority India and few other foreign entities. Adani Group’s holding company is set to acquire a controlling stake in Mumbai International Airport Ltd., in a move that may provide the operator of India’s second-largest airport with the much-needed liquidity.Adani Airport Holdings Ltd., also a subsidiary of Adani Enterprises Ltd., has signed an agreement to acquire the debt of GVK Airport Developers Ltd., according to an exchange filing. Ltd. (GVK CSMIA) was formed by GVK led consortium (74%) and Airports Authority of India (26%). All have been accused of "causing wrongful gain of over 805 crore to themselves and causing a loss to the public exchequer between 2012-2018," reads the First Information Report. The airport is a public-private partnership venture, in which the GVK-led Mumbai International Airport Pvt Ltd has a 74 per cent stake, with CIDCO, the Maharashtra government’s nodal agency for the project, holding the remaining 26 per cent. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. GVK signs binding agreements with ADIA, PSP Investments and NIIF for an investment of Rs. To accomplish this task, Mumbai International Airport Pvt. GVK to sell stake in airport business by FY'14 end: Official. On August 31, GVK Group signed an agreement to let Adani Enterprises acquire its stake in Mumbai airport and Navi Mumbai airport. The Airports Authority of India (AAI) has approved the Adani Group’s share transfer proposal for Mumbai International Airport Ltd (MIAL) from GVK … GVK ADL is the holding company through which GVK Group holds 50.50% equity stake in MIAL, which in turns holds 74% equity stake in Navi Mumbai International Airport Limited (NMIAL). 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