Mukesh Ambani richest Indian in Forbes billionaires list
The business tycoon retained his position as both India's and Asia's richest person and as the ninth richest person in the world.
The Competition Commission of India (CCI) has approved the Adani Airport Group’s proposed acquisition of controlling stake in the Mumbai Airport from the GVK Airport Developers Ltd. The approval was given through the ‘green channel’ route.
The green channel route is an automatic approval system and is applicable to certain deals subject to various conditions. The primarily includes absence of horizontal overlaps and existing or potential vertical relationships.
“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.
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In August, it was announced that Adani Airport Holdings Ltd (AAHL) will acquire GVK Airport Developers Ltd’s (GVKADL) 50.50 per cent stake as well as buy out the 23.5 per cent stake of Airports Company of South Africa (ACSA) and Bidvest Group.
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.
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