INSUBCONTINENT EXCLUSIVE:
The ruling allowed Bidvest Group to divest its 13.5% stake in Mumbai International AirportSouth 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 per cent stake, dismissing GVK's effort to exercise its right of first refusal
The judge said GVK failed to show any preparedness to purchase the shares.GVK's appeal was "ambitious" and it "inflated" the company's
readiness to buy, the court said
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 per cent from 50.5 per cent, had offered in March to
buy a 10 per cent stake held by a unit of Airports Co
Billionaire Gautam Adani's Adani Enterprises Ltd
is eyeing a stake in Mumbai airport, according to local media reports.India will become the third-largest air traffic market in 10 years,
with more first-time flyers emerging from the country's growing middle class, according to the International Air Transport Association
In February, Adani Enterprises was the highest bidder to develop and operate six Indian airports, a foray into the world's fastest-growing
aviation market last year.A consortium of Tata Group, a unit of Singapore's sovereign wealth fund and SSG Capital Management are investing
Rs 8,000 crore ($1.2 billion) to buy a stake in GMR Airports Ltd., which runs India's biggest airport in New Delhi.Get Breaking news, live
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