NEW DELHI: The GVK-Bidvest case took a new turn on Thursday as GVK Airport Holdings came forward with a sealed envelope citing avenues through which it has raised for the ₹1,250 crores needed to acquire the overseas investor's stake in Mumbai International Airport Ltd (MIAL). During the previous hearing (9 May) at Delhi High Court, South Africa-based Bidvest Group asked the court to direct GVK Airport Holdings to prove that it has the ₹1,250 crores needed to acquire its stake. “Entire deal is structured in this yellow envelope," Said Kartik Nayar, counsel for GVK Airport Holdings. On 25 February, GVK Airport Holdings Ltd, a subsidiary of GVK Power & Infrastructure Ltd had signed a definitive agreement with Bidvest Group, exercising its “right of first refusal" to acquire its 13.5%. According to recent corporate filings, GVK Power & Infrastructure Ltd, which runs the airport business through GVK Airports Holdings Pvt.

Source: Mint May 16, 2019 14:14 UTC