New Delhi: South Africa’s Bidvest Group Ltd. won court approval to sell its holding in Mumbai International Airport to a third party, dealing a blow to majority holder GVK Power & Infrastructure Ltd.’s bid to increase its ownership. The ruling allowed unit Bid Services Division (Mauritius) Ltd. to divest its 13.5% stake, dismissing GVK’s effort to exercise its right of first refusal. Despite several rounds of negotiations to reach an out-of-court settlement, GVK didn’t show a 'genuine inclination' to complete the transaction, according to the ruling. GVK, which is trying to increase its stake to 74% from 50.5%, had offered in March to buy a 10% stake held by a unit of Airports Co. South Africa. Billionaire Gautam Adani’s Adani Enterprises Ltd. is eyeing a stake in Mumbai airport, according to local media reports.

Source: Mint July 01, 2019 07:41 UTC