Thread by @Sadafsayeed, Adani Enterprises subsidiary to take control of Mumbai, Navi Mumbai airportshttps://www.livemint.com/companies/news/adani-enterprises-subsidiary-to-take-control-of-mumbai-navi-mumbai-airports-11598848306353.htmlClassic example [...]

Adani Enterprises subsidiary to take control of Mumbai, Navi Mumbai airports
https://www.livemint.com/companies/news/adani-enterprises-subsidiary-to-take-control-of-mumbai-navi-mumbai-airports-11598848306353.html

Classic example of crony capitalism.

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Adani Enterprises subsidiary to take control of Mumbai, Navi Mumbai airports

The GVK Group and AAHL have agreed that AAHL will also offer a stand-still to GVK to release of the guarantee given by GVK Power and Infrastructure Limited with respect to the debt acquired by...

https://www.livemint.com/companies/news/adani-enterprises-subsidiary-to-take-control-of-mumbai-navi-mumbai-airports-11598848306353.html

As per 2018-19, the latest available full-year financials of GVK Power and Infrastructure, the company posted a revenue of ₹4,098 crore with the airports subsidiary contributing about ₹3,700 crore, or over 90%. The Mumbai airport contributed ₹119.4 crore to net profit.

Early 2019 Adani decides to take control over MIAL. To avoid hostile take over GVK buys South African company’s Bidvest shares.

GVK hikes MIAL stake in bid to block rivals https://www.livemint.com/companies/news/gvk-hikes-mial-stake-in-bid-to-block-rivals-1553267597164.html

GVK hikes MIAL stake in bid to block rivals

GVK group acquired the entire 10% stake of Airports Co. South Africa (ACSA) Global Ltd in Mumbai International Airport Limited (MIAL) for ₹924 crore.GVK initially owned a 50.5% stake, while two South...

https://www.livemint.com/companies/news/gvk-hikes-mial-stake-in-bid-to-block-rivals-1553267597164.html

To buy this stake GVK uses the ROFR clause. Matter reaches the court , GVK claims to have money to acquire Bidvest's stake in MIAL https://www.livemint.com/companies/news/gvk-airport-holdings-claims-to-have-money-to-acquire-bidvest-s-stake-in-mial-1558015426426.html

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At Delhi HC, GVK claims to have money to acquire Bidvest's stake in MIAL

With a sealed envelope, GVK Airport Holdings asserted at Delhi HC it has the ₹1,250 crore required to acquire the overseas investor's stake in Mumbai International Airport Ltd.Earlier this year, GVK...

https://www.livemint.com/companies/news/gvk-airport-holdings-claims-to-have-money-to-acquire-bidvest-s-stake-in-mial-1558015426426.html

Meanwhile GVK signs pact with ADIA ( Abu-Dhabi investment authority) Canadian PSP and NIIF to offer 49% stake in airport arm https://www.livemint.com/companies/news/gvk-signs-pact-with-adia-niif-to-offer-49-stake-in-airport-arm-1555605388275.html

GVK signs pact with ADIA, NIIF to offer 49% stake in airport arm

All proceeds from the proposed transaction will be used by GVK towards retiring debt obligations.GVKAHL holds 74% equity stake in Mumbai International Airport Limited

https://www.livemint.com/companies/news/gvk-signs-pact-with-adia-niif-to-offer-49-stake-in-airport-arm-1555605388275.html

HC allows Bidvest to sell Mumbai airport stake to a third party https://www.livemint.com/companies/news/delhi-hc-dismisses-gvk-s-plea-against-mumbai-airport-stake-sale-1561986643857.html

Blow to GVK as HC allows Bidvest to sell Mumbai airport stake to a third party

GVK owns a 50.5% stake in MIAL, while Bid Services Division and ACSA Global Ltd hold 13.5% and 10%, respectively.The court order upsets GVK’s plan to strengthen its defences against a hostile bid for...

https://www.livemint.com/companies/news/delhi-hc-dismisses-gvk-s-plea-against-mumbai-airport-stake-sale-1561986643857.html

Adani doesn’t like this , Govt unleashes all agencies against GVK and promoter reddy familiy.

GVK, the operator of Mumbai International Airport, under MCA scanner https://www.livemint.com/news/india/gvk-the-operator-mumbai-international-airport-under-mca-scanner-11571201115852.html

GVK, the operator of Mumbai International Airport, under MCA scanner

'We confirm only MIAL has received a communication asking for certain details/information, which are being furnished,' GVK said.GVK also claimed that none of the group companies, barring MIAL, have...

https://www.livemint.com/news/india/gvk-the-operator-mumbai-international-airport-under-mca-scanner-11571201115852.html

Enters CBI

Mumbai airport scam: CBI books GVK Group chairman GVK Reddy, son https://www.livemint.com/news/india/mumbai-airport-scam-cbi-books-gvk-group-chairman-gvk-reddy-son-11593649842674.html

Mumbai airport scam: CBI books GVK Group chairman GVK Reddy, son

GVK group promoters allegedly misused reserve funds of MIAL to the tune of ₹395 crore to finance their group companies, the CBI has alleged.On April 4, 2006 AAI entered into an agreement with MIAL...

https://www.livemint.com/news/india/mumbai-airport-scam-cbi-books-gvk-group-chairman-gvk-reddy-son-11593649842674.html

Enters ED

ED files money laundering case against GVK group, MIAL in Mumbai airport case https://www.livemint.com/news/india/ed-files-money-laundering-case-against-gvk-group-mial-in-mumbai-airport-case-11594114485957.html

ED files money laundering case against GVK group, MIAL in Mumbai airport case

ED will probe alleged irregularities to the tune of ₹705 crore in running the Mumbai airport, officials said

https://www.livemint.com/news/india/ed-files-money-laundering-case-against-gvk-group-mial-in-mumbai-airport-case-11594114485957.html

Full harassment of reddy family and MIAL starts

ED raids multiple premises in money laundering case against GVK group, MIAL https://www.livemint.com/companies/news/ed-raids-multiple-premises-in-money-laundering-case-against-gvk-group-mial-11595918444000.html

ED raids multiple premises in money laundering case against GVK group, MIAL

The offices of the GVK group, MIAL and the premises of GVK group promoters are being covered as part of the action.The ED is probing if genuine funds were laundered to amass personal assets by...

https://www.livemint.com/companies/news/ed-raids-multiple-premises-in-money-laundering-case-against-gvk-group-mial-11595918444000.html

GVK statutory auditor resigns. Price Waterhouse quits as GVK Infra’s auditor citing lack of information https://www.livemint.com/companies/news/price-waterhouse-quits-as-gvk-infra-s-auditor-citing-lack-of-information-11597472741207.html

Price Waterhouse quits as GVK Infra’s auditor citing lack of information

Despite several communications to GVK, the group did not provide them with necessary information, says Price Waterhouse Chartered Accountants

https://www.livemint.com/companies/news/price-waterhouse-quits-as-gvk-infra-s-auditor-citing-lack-of-information-11597472741207.html

GVK and Reddy family buckles down under pressure and get on the table with Adani

Adani in talks to buy GVK’s 50.5% stake in Mumbai airport https://www.livemint.com/companies/people/adani-group-in-talks-with-gvk-partners-to-buy-majority-stake-in-mumbai-airport-11598277337525.html

Adani in talks to buy GVK’s 50.5% stake in Mumbai airport

Talks between the two groups have begun and an announcement on the deal is likely to be made in coming weeks

https://www.livemint.com/companies/people/adani-group-in-talks-with-gvk-partners-to-buy-majority-stake-in-mumbai-airport-11598277337525.html

And this is how Adani enter into agreement to acquire 50.5% of GVK and 24% of Bidvest in MIAL

Adani group to acquire controlling interest in Mumbai airport https://www.livemint.com/companies/news/adani-group-to-acquire-controlling-interest-in-mumbai-airport-11598846264194.html

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Adani group to acquire controlling interest in Mumbai airport

Adani Airport Holdings Limited will acquire the debt of GVK ADL from its airport lenders.GVK ADL is the holding company through which GVK Group holds 50.50% equity stake in Mumbai International...

https://www.livemint.com/companies/news/adani-group-to-acquire-controlling-interest-in-mumbai-airport-11598846264194.html

The ink has not even dried,while Adani has roped in ADIA’s arch rivals Qatar investment authority ( QIA) to fund the take over of MIAL and Navi Mumbai airport

Adani Group plans to raise $1 billion via sale of equity to fund takeover of Mumbai airports https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/adani-group-plans-to-raise1-billion-via-sale-of-equity/articleshow/77901229.cms

Adani Group plans to raise $1 billion via sale of equity to fund takeover of Mumbai airports

The conglomerate is currently in talks with about four global wealth funds, including Qatar Investment Authority (QIA) — a partner in Adani Electricity— as well as a Canadian and a Singapore-based...

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/adani-group-plans-to-raise1-billion-via-sale-of-equity/articleshow/77901229.cms

And ladies and gentlemen this is how power corridors of Delhi help crony capitalist earn billions and help them earn return on their investment during elections.

Ease of doing business in india.

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