GVK

As the entity now awaits a new buyer under the insolvency process, concerns arise about what remains of the group and the listed entity

The airport will be developed in four phases. After the first phase it will be able to handle a minimum of 10 million passengers

With the golden geese laying golden eggs no more, the Modi government's decision to sell Delhi and Mumbai airports could well save it from flogging a dead horse in the coming years

The move comes just days after the hotel company said in a regulatory filing on September 10 that the board had approved Cherian's appointment as a director for five years

Here are the top business headlines on Tuesday

August-end loan deadline brought GVK to negotiating table

"Details of information and explanations sought and still not provided is reiterated in our letter dated August 12, 2020 to the management," Price Waterhouse said in its letter

The lawsuit, filed on Monday, comes at a time when the Union government is seeking foreign direct investment in India, promising ease of doing business to overseas investors.

Airport Authority of India Ltd had formed a Joint venture with GVK Airports Holdings Limited, promoted by GVK group under public private partnership firm Mumbai International Airport

Cidco's queries to GVK group on its financial health comes as the latter has been unable to secure funds from banks and start work on the project.

GVK, which owns 50.5 per cent in the airport, had exercised its right of first refusal to acquire Bidvest shares earlier in the year, but failed to conclude the deal

An arbitration tribunal has given the GVK group time till October 31 to deposit Rs 1,248 crore for acquiring Bidvest's 13.5 per per cent stake

The GVK Group had earlier said it was determined to acquire the 13.5 per cent in Mumbai International Airport Limited owned by South African firm Bid Services Division Mauritius or Bidvest

The Adani group's bids far outstripped those of the competitors

Adani group and GVK are locked in a tussle for control of the 13.5% stake in Mumbai airport

Court slams GVK, says firm had no genuine exhibition of readiness to show it could pay off Bidvest to stop stake sale

GVK had last week moved the HC seeking to stop its South African partner Bidvest from selling its stake in MIAL

GVK Airport Holdings' stake will rise to 74 per cent upon completion of acquisition

Besides being the Mumbai Airport operator, MIAL was also mandated to develop the green-field Navi Mumbai Airport

Navi Mumbai International Airport announced financial closure for the construction of the first phase of the greenfield project last week