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AviAlliance, AMP Capital And GIP To Bid For Stakes In Mumbai’s Chhatrapati Shivaji International Airport
Terminal 2 at Chhatrapati Shivaji International Airport in Mumbai, India. (Abhijit Bhatlekar/Mint via Getty Images)
AviAlliance, AMP Capital and Global Infrastructure Partners (GIP) have submitted their non-binding bids to buy minority stakes in the Mumbai International Airport Ltd offered by GVK group, reports Mint. The reason to sell its stake in the Mumbai Airport is to fund cash for new projects like the second airport in Mumbai.
According to sources aware of the development the GVK group plans to sell some of its stakes to raise money for its projects. The GVK group owns 50.5 per cent in the Mumbai airport. Alongside GVK, South Africa’s Bidvest Group holds 13.5 per cent, Airports Co South Africa Ltd hold 10 per cent. The state-owned Airports Authority of India owns the rest 26 per cent. If the ongoing discussions are fruitful, the three companies are expected to submit their offers in the coming weeks.
According to a report from August, GVK group was in talks with various potential buyers like Singapore’s Changi Airport, AviAlliance, National Investment and Infrastructure Fund (NIIF), and the Abu Dhabi Investment Authority (ADIA) to sell its stakes in the airport.
Along with GVK’s stakes, Bidvest is also looking to sell its stake of the airport. “Bidvest, which is running a parallel process to sell its 13.5 per cent in Mumbai airport, also hopes to sell its stake to whoever buys GVK’s stake", according to source.
“Bidvest has appointed investment bank Rothschild to help find a buyer for its stake and had begun the sale process, but it may now choose to wait till GVK’s stake sale is finalised and offer its stake to the same buyer,” another source said.
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