GVK owns a 50.5% stake in MIAL, while Bid Services Division and ACSA Global Ltd hold 13.5% and 10%, respectively. However, one must note that GVK group still holds the majority stake in MIAL," said a GVK group official, who didn’t want to be named. A GVK group spokesperson said the company doesn’t have any comments to offer on the matter. GVK had said it had the money needed to acquire the overseas investor’s stake in MIAL but failed to prove it, said the judge. GVK Power had a consolidated debt of ₹11,355.18 crore as on 31 March, according to Bloomberg.

Source: Mint July 01, 2019 13:14 UTC