GVK Group

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

Business conglomerate GVK Group on Wednesday categorically said there was no "extraneous pressure" from anyone to sell its stake in Mumbai airport as alleged by Congress leader Rahul Gandhi. The company's comments came a day after Gandhi alleged in Lok Sabha that "Mumbai airport, was taken away from GVK using agencies such as the CBI and the ED, and was given to Adani by the Government of India". "GVK reiterates that the decision to sell its stakes in Mumbai Airport to Adani, was taken by the management and there was absolutely no question of any extraneous pressure being exerted on us," GVK Group spokesperson told PTI. Adani Group, which is currently in the eye of a storm over the recent report by short-seller Hindenburg Research related to its company's business dealings, took over the management of the Mumbai airport from GVK Group in July 2021. While explaining the circumstances that led to the sale of the airport, GVK Group Vice Chairman Sanjay Reddy told a TV channel that it

GVK Group Vice Chairman Sanjay Reddy on Tuesday said there was absolutely no pressure from the Adani Group or anyone else to sell the Mumbai airport. His comments come on a day when Congress leader Rahul Gandhi alleged in Lok Sabha that "Mumbai airport, was taken away from GVK using agencies such as the CBI and the ED, and was given to Adani by the Government of India". Adani Group took over the management of the Mumbai airport from the GVK Group in July 2021. In an interview to television channel NDTV on Tuesday, Sanjay Reddy said, "There was absolutely no pressure from the Adani group or anyone else for us to sell the Mumbai airport." While explaining the circumstances that led to the sale of the airport, Reddy said the group was looking to raise funds for the airport business. Reddy said that at that time, Gautam Adani approached him and said he had a lot of interest in the airport and whether GVK group was willing to do a transaction with him. "... He (Adani) said that he wil

GVK Power and Infrastructure Limited (GPIL) on Friday posted a multifold fall in its consolidated net profit to Rs 153.87 crore during the September 2022 quarter due to higher expenses. Its profit was Rs 2,395.01 crore in the July-September period of the preceding 2021-22 fiscal, the company said in a BSE filing. The company's total income increased to Rs 1,012.05 crore from Rs 93.71 crore in the year-ago period. Expenses soared to Rs 840.10 crore against Rs 182.24 crore a year ago. GVK is a leading Indian conglomerate with diversified interests across various sectors, including energy, airports, transportation, hospitality and life sciences.

Company-owned by Canadian billionaire responds to a media report about the sale

The banks have sued GVK Group-owned GVK Coal Developers over a dispute on a $1-billion loan and $35-million letter of credit facility and a $160-million loan

This, local brokers said, was a fair market price

The Competition Commission has approved Adani Group's proposed acquisition of controlling stake in Mumbai airport from GVK Airport Developers under the green channel route

A portion of this was routed back to the promoters of the GVK Group in the joint venture company through multiple complex transactions, according to the federal agency

While the group hadn't built on its airport assets, its entry into coal, power and roads was the proverbial last straw that saw its lose its crown jewel in Mumbai

The deal has been finalised even though a consortium of foreign investors which had earlier signed a binding agreement with GVK group for buying the asset has legally challenged it

August-end loan deadline brought GVK to negotiating table

The move led arbitral tribunal to vacate the order of injunction that had restrained Bidvest and ACSA from selling their shares to any third party, firm says in response to legal notice

Call Mumbai airport stake sale to Adani a breach of agreement

Is dominance of big players necessarily a bad thing?

The company is aiming to become the leading airport operator in the country after getting access to the key Mumbai airport and that has driven investor sentiment and confidence, say experts

Project has been under planning for past 15 years but failed to close financially as GVK group, from whom Adani is taking over, is neck deep in problems

Makes group second-largest private airport operator

After CRISIL downgrades company debt, bankers ask GVK group to come out with repayment plan

The auditors alleged that despite several communications to GVK, the group did not provide them with necessary information