Adani Airport Holdings (AAHL) is the flagship holding company of Adani Group for its airports business and a subsidiary of Adani Enterprises (AEL). GVK ADL is the holding company through which GVK Group holds 50.50% equity stake in Mumbai International Airport (MIAL), which in turns holds 74% equity stake in Navi Mumbai International Airport Limited (NMIAL).
According to the agreement, AAHL will acquire the debt of GVK ADL from its airport lenders. The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition, to release of the guarantee given by GVK Power and Infrastructure with respect to the debt acquired by it. The Adani Group will also take steps to complete the acquisition of a 23.5% equity stake from ACSA and Bidvest in MIAL for which it has obtained CCI approval. Upon the acquisition of the debt of GVK ADL, Adani Group will take steps to obtain necessary customary and regulatory approvals, as may be required, to acquire controlling interest in MIAL.
AAHL intends to infuse funds into MIAL to ensure that MIAL receives much needed liquidity and also achieves financial closure of Navi Mumbai International Airport to be able to commence construction.
Adani Enterprises (AEL) has a diversified business portfolio comprising integrated coal management and mining services, solar modules manufacturing as well as edible oil business.
The company posted a consolidated net loss stood at Rs 148.65 crore in Q1 June 2020 compared with net profit of Rs 498.67 crore in Q1 June 2019. Net sales tumbled 50.1% to Rs 5,265.19 crore in Q1 FY21 as against Rs 10,561.37 crore in Q1 FY20.
Adani Enterprises fell 1.11% to trade at Rs 285.05 on the BSE. It traded in the range of 283.50 and 297.55 so far during the day.
Powered by Capital Market - Live News