In a major setback to the Adani Group’s bid to get a hold on Mumbai airport, an arbitration tribunal has restrained it from going ahead with buying out the 13.5 per cent stake of South African partner Bidvest Services in the country’s the second largest airport.
The tribunal has also asked Bidvest to maintain status quo on its stake but asked GVK, which owns 50.5 per cent in the airport, to compensate it for the delay by way of paying interest on the agreed share purchase agreement (Rs 1,248 crore) till the pendency of the case.
“It is directed that pending the final disposal of the arbitration proceedings, Bid Services or anyone acting for and on behalf of it is restrained from alienating in any manner its 16.20 crore (13.5 per cent) equity shares in Mumbai international airport” the tribunal said.
