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Track Latest News Live on NDTV.com. The Airports Authority of India (AAI) has approved the Adani Group’s share transfer proposal for Mumbai International Airport Ltd (MIAL) from GVK … 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. 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 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). 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). "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. To accomplish this task, Mumbai International Airport Pvt. The decision to acquire shares from ACSA forms part of GVK Airport’s strategy to keep Adani Group away from Mumbai Airport. 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 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 debt will be converted into equity. 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. 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. MIAL has upcoming debt servicing obligations of around Rs 65 crore on project loans within September 2020. Missing BloombergQuint's WhatsApp service? 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. Aug 12, 2013, 17:32 PM IST 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. 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. ................................ 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. 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. "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. 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). Given current state of operations, its ability to generate accruals over near term is curtailed. 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… 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. 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. 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". (Photographer: Dhiraj Singh/Bloomberg). The Mumbai Airport scam involves allegedly irregularities to the tune of Rs 805 crore. Bloomberg | Quint is a multiplatform, Indian business and financial news company. 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. 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 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 founder of GVK, which had been aggressively defending its airport business for a year … If added, the total loss to the public exchequer will be more than Rs 1,000 crore," sources in the CBI told NDTV. … 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. 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.

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