Indian fair trade regulator CCI has approved Adani Properties Private’s (APPL) purchase of a 23.5% stake in Mumbai International Airport (MIAL).
APPL will purchase the stake from Bid Services Division and ACSA, which have 13.5% and 10% interest in MIAL respectively.
CCI granted its approval under Section 31(1) of the Competition Act 2002.
Through its subsidiaries, associates and joint venture companies, APPL deals in the let-out and leasing of immovable properties, as well as wholesale commodity trading.
MIAL manages the Chhatrapati Shivaji International Airport in Mumbai, Maharashtra.
GVK Power & Infrastructure currently owns a 50.5% stake in MIAL while the remaining 26% stake is owned by the Airports Authority of India (AAI).
Last month, GVK Power & Infrastructure agreed to divest a 79.1% holding in its airport business for Rs76.14bn ($1.07bn) in a bid to increase its stake in MIAL.
The deal was part of the company’s strategy to stop attempts by Adani Group to acquire a stake in MIAL.
In July, GVK received CCI’s clearance to acquire an additional 10% stake held by ACSA Global in MIAL.
Meanwhile, in August, Adani Group announced plans to set up a new entity to manage its airport businesses in India and abroad.
Adani Airports will be responsible for acquiring, promoting, operating and maintaining the group’s airports, as well as managing design, development, upgrade and construction work.
In February, Adani Group won a tender to operate all six government-owned Indian airports located in Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, Lucknow, and Guwahati.