Adani Airport Holdings (AAHL), the holding company of Adani Group for its airports business, is set to acquire a controlling interest in Mumbai International Airport.

The company has signed an agreement to acquire the debt of GVK Airport Developers (GVK ADL), the holding company through which GVK Group owns 50.5% equity stake in Mumbai International Airport (MIAL).

It will acquire GVK ADL’s debt from its airport lenders.

Additionally, AAHL will acquire 23.5% stake of minority partners Airport Company of South Africa (ACSA) and Bidvest in MIAL. This transaction has already received the approval of Competition Commission of India (CCI).

Overall, these deals will provide the airports business of the Adani Group with 74% stake in MIAL.

Notably, MIAL also owns 74% interest in the upcoming Navi Mumbai International Airport (NMIAL).

In an exchange filing, Adani Enterprises said: “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 Limited with respect to the debt acquired by it.”

Once it acquires the debt, Adani Group will advance to secure necessary customary and regulatory approvals to acquire the 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,” the statement further added.