Indian diversified conglomerate Adani Group has presented an offer to acquire a 23.5% stake in Mumbai Airport.

The offer submitted before two South African firms including Airports Company South Africa (ACSA) and Bidvest values the Mumbai International Airport at around $1.34bn (Rs95bn).

Under the right of first refusal (RoFR) clause, the South African companies have asked the existing shareholder GVK to match the offer till February-end.

Bidvest’s stake in Mumbai Airport has been valued at Rs12.48bn ($175.5m), or Rs77 per share, the Economic Times has reported referring the documents it has seen.

“The GVK group will match the offer and buy the 23.5% stake in the company. We will not let the stake in the company go to anyone else.”

Bidvest has written to GVK and ACSA, with a copy marked to AAI, and requested the partners match the offer within a month.

Sources close to GVK told the ET that the company has received stake sale proposal from both partners in the consortium.

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“The GVK group will match the offer and buy the 23.5% stake in the company. We will not let the stake in the company go to anyone else,” one source told the news agency.

Bidvest started the stake sale process in 2018 and appointed investment banker Rothschild to oversee the process.

Mumbai Airport operator MIAL is a JV formed by GVK, Airports Authority of India (AAI), Bidvest and ACSA. GVK Airport Developers holds 50.5%, Bidvest owns 13.5%, ACSA 10% and the rest is owned by AAI.

Abu Dhabi Investment Authority, Canada-based PSP Investments and Spanish conglomerate Ferrovial recently bid to purchase a stake in MIAL.