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Aviation Industry News

Adani Airport Holdings faces ministry probe

Tuesday 17th Oct 2023    204
Adani Airport Holdings faces ministry probe
 
Mumbai :

Adani Enterprises has officially informed the stock exchanges that the Ministry of Corporate Affairs has initiated an investigation into the financial records and related documents of Mumbai International Airport and Navi Mumbai International Airport.

These airports are currently managed by Adani Airport Holdings, a subsidiary of the multinational company promoted by Gautam Adani. They were acquired from the previous owner, GVK Airport Developers, in 2021.

Adani Enterprises clarified that the acquisitions of Mumbai International Airport (MIAL) and Navi Mumbai International Airport (NMIAL) were completed in the financial year 2021-2022. The information and documents requested in the investigation relate to the period 2017-18 to 2021-2022. MIAL and NMIAL will respond to these inquiries in accordance with applicable legal requirements, as stated in their communications to the exchanges.

In a related context, it is important to note that the Central Bureau of Investigation filed a first information report against GVK Reddy, the chairman of the Hyderabad-based GVK Group, and his son Venkata Sanjay Reddy in July 2020. They were accused of fraud and causing a loss of Rs 7.05 billion to the public exchequer due to fraudulent activities at the Mumbai International Airport. The investigation is being conducted by the Office of the Regional Director, South East Region of the Ministry of Corporate Affairs, based in Hyderabad.

Mumbai International Airport was privatized in 2006, with the GVK Group-led airport consortium taking control from the Airports Authority of India. Furthermore, in addition to Mumbai and Navi Mumbai International Airports, the Adani Group has also acquired the rights to operate, manage and develop airports in Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram, Mangaluru and Guwahati. These rights are secured on a per-passenger basis, payable to the Airports Authority of India, and the agreement has a term of 50 years.

 
 
 
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