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Adani Airport Holdings took over the management control of the Mumbai International Airport from the GVK group today to become the country's largest airport infrastructure company.

Credit rating agency Fitch in a note last month forecast consolidation in the Indian aviation sector and warned of a slow rebound in demand

Adani Group will buy 50.5 per centstake from GVK Group and 23.5 per cent from minority partners including Airports Company South Africa and Bidvest Group.

Adani Airport Holdings has "entered into an agreement to acquire the debt of GVK Airport Developers", Adani Enterprise said.

The Enforcement Directorate (ED) on Tuesday launched multiple searches in connection with a money-laundering probe against the GVK group, the Mumbai International Airport Limited (MIAL) and others to probe alleged irregularities to the tune of Rs 705 crore in running the Mumbai airport, officials said.

The Enforcement Directorate has filed a money laundering case against the GVK group, the Mumbai International Airport Limited and others to probe alleged irregularities to the tune of Rs 705 crore in the operations of the Mumbai airport, officials said on Tuesday.

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.

In the wake of COVID-19 crisis, GVK MIAL managing Chhatrapati Shivaji Maharaj International Airport (CSMIA) has put together measures to curb the spread of coronavirus.

GVK had offered in March to buy a 10 per cent stake held by a unit of Airports Co. South Africa.

In the recent privatisation bid for six Airports Authority of India (AAI)-run airports in major state capitals, which was won by ports major Adani Enterprises, the government for the first time received bids from foreign fund managers, Board Member (Finance) S Suresh told NDTV.

Adani was the highest bidder for all the airports, bidding more than double than that of GMR for each of the six airports, and even five times more in the case of Mangalore. GVK did not participate in the bidding.

The Navi Mumbai International Airport will be constructed by GVK Power and Infrastructure Ltd (GVKPIL) as per a concessionaire agreement signed on January 8.

The Bengaluru airport is Fairfax Group's largest investment in the country since it opened an India-dedicated investment company in 2014.

According to a release issued here the transaction is expected to be completed by early July 2017 and the sale proceeds will be used for reducing the debt component of GVK Group.

GVK would sell its stake, held by its unit Bangalore Airport Infrastructure Developers Private Limited, and the proceeds would be used for reducing GVK's debt obligations, the company said.

Adani Airport Holdings took over the management control of the Mumbai International Airport from the GVK group today to become the country's largest airport infrastructure company.

Credit rating agency Fitch in a note last month forecast consolidation in the Indian aviation sector and warned of a slow rebound in demand

Adani Group will buy 50.5 per centstake from GVK Group and 23.5 per cent from minority partners including Airports Company South Africa and Bidvest Group.

Adani Airport Holdings has "entered into an agreement to acquire the debt of GVK Airport Developers", Adani Enterprise said.

The Enforcement Directorate (ED) on Tuesday launched multiple searches in connection with a money-laundering probe against the GVK group, the Mumbai International Airport Limited (MIAL) and others to probe alleged irregularities to the tune of Rs 705 crore in running the Mumbai airport, officials said.

The Enforcement Directorate has filed a money laundering case against the GVK group, the Mumbai International Airport Limited and others to probe alleged irregularities to the tune of Rs 705 crore in the operations of the Mumbai airport, officials said on Tuesday.

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.

In the wake of COVID-19 crisis, GVK MIAL managing Chhatrapati Shivaji Maharaj International Airport (CSMIA) has put together measures to curb the spread of coronavirus.

GVK had offered in March to buy a 10 per cent stake held by a unit of Airports Co. South Africa.

In the recent privatisation bid for six Airports Authority of India (AAI)-run airports in major state capitals, which was won by ports major Adani Enterprises, the government for the first time received bids from foreign fund managers, Board Member (Finance) S Suresh told NDTV.

Adani was the highest bidder for all the airports, bidding more than double than that of GMR for each of the six airports, and even five times more in the case of Mangalore. GVK did not participate in the bidding.

The Navi Mumbai International Airport will be constructed by GVK Power and Infrastructure Ltd (GVKPIL) as per a concessionaire agreement signed on January 8.

The Bengaluru airport is Fairfax Group's largest investment in the country since it opened an India-dedicated investment company in 2014.

According to a release issued here the transaction is expected to be completed by early July 2017 and the sale proceeds will be used for reducing the debt component of GVK Group.

GVK would sell its stake, held by its unit Bangalore Airport Infrastructure Developers Private Limited, and the proceeds would be used for reducing GVK's debt obligations, the company said.