The battle for Mumbai Airport between GVK and Adani Groups began lately in September this year; GVK constantly strived to retain its hold on its flagship, the Mumbai International Airport, even as the Adani Group eyed a stake in it.

GVK group in October started resisting the Adanis' bid to buy out the 13.5 percent stake being held by its South African JV partner Bidvest in MIAL. The issue is with the Bombay High Court.

Currently The GVK group said it has raised more than Rs 7,600 crore from investors and the proceeds will be used to reduce debt and acquire a 23.5% stake in Mumbai International Airport (MIAL). This should stop Adain taking over the stake and operate Mumbai airport. It has signed binding agreements with ADIA (Abu Dhabi Investment Authority), NIIF (National Investment and Infrastructure) and PSP (Public Sector Pension Investment Board) among others.

The founder GVK Reddy said, “We are happy to join our hands with ADIA, NIIF and PSP. The partnership with our endeavors to create world-class infrastructure and strong aviation hub that will provides the momentum for growth and development of Mumbai and India. We will now make more efforts for developing Navi Mumbai International Airport. Devise the real estate assets of MIAL and strengthen the business. This process proves the Indian government efforts to attract investors across the globe.”

The fund received will be used to address debt obligations of the company and also to obtain additional shares in MIAL along with other improvements.