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Gvk Group

GVK Power in insolvency, but GVK group continues interests in other sectors

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

GVK Power in insolvency, but GVK group continues interests in other sectors
Updated On : 24 Jul 2024 | 2:56 PM IST

GVK Group rebuts Rahul's statement, says no pressure to sell Mumbai airport

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 rebuts Rahul's statement, says no pressure to sell Mumbai airport
Updated On : 08 Feb 2023 | 11:45 AM IST

There was no pressure from Adani Group to sell Mumbai airport: GVK's Reddy

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

There was no pressure from Adani Group to sell Mumbai airport: GVK's Reddy
Updated On : 08 Feb 2023 | 12:08 AM IST

GVK Power net profit falls manifold to Rs 153.87 crore in Sep qtr

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.

GVK Power net profit falls manifold to Rs 153.87 crore in Sep qtr
Updated On : 11 Nov 2022 | 2:52 PM IST

Fairfax not exiting Bengaluru airport, has 'no interest' in selling stake

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

Fairfax not exiting Bengaluru airport, has 'no interest' in selling stake
Updated On : 28 Oct 2022 | 11:42 PM IST

6 Indian banks sue GVK Coal Developers in London for $1.5 bn loan default

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

6 Indian banks sue GVK Coal Developers in London for $1.5 bn loan default
Updated On : 11 Jun 2022 | 2:44 PM IST

GVK promoter buys Jubilee Hills house for Rs 23.15 crore

This, local brokers said, was a fair market price

GVK promoter buys Jubilee Hills house for Rs 23.15 crore
Updated On : 28 Jul 2021 | 1:40 AM IST

Adani's acquisition of Mumbai Airport from GVK gets CCI green signal

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

Adani's acquisition of Mumbai Airport from GVK gets CCI green signal
Updated On : 24 Sep 2020 | 10:55 PM IST

ED probe 'finds diversion' of Rs 310 cr from MIAL through shell companies

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

ED probe 'finds diversion' of Rs 310 cr from MIAL through shell companies
Updated On : 03 Sep 2020 | 10:12 PM IST

Terminal decline: How GVK group's infra bets cost it Mumbai airport biz

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

Terminal decline: How GVK group's infra bets cost it Mumbai airport biz
Updated On : 02 Sep 2020 | 1:27 AM IST

Adani Group acquires 74 per cent stake in Mumbai International Airport

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

Adani Group acquires 74 per cent stake in Mumbai International Airport
Updated On : 01 Sep 2020 | 1:26 AM IST

A tale of jittery bankers, a stalled deal and GVK's Adani embrace

August-end loan deadline brought GVK to negotiating table

A tale of jittery bankers, a stalled deal and GVK's Adani embrace
Updated On : 31 Aug 2020 | 11:14 PM IST

PSP, ADIA and NIIF breached airport agreement, says GVK group

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

PSP, ADIA and NIIF breached airport agreement, says GVK group
Updated On : 31 Aug 2020 | 10:56 PM IST

Battle for MIAL: Foreign investors serve legal notice on GVK group

Call Mumbai airport stake sale to Adani a breach of agreement

Battle for MIAL: Foreign investors serve legal notice on GVK group
Updated On : 29 Aug 2020 | 6:05 AM IST

Big gets bigger

Is dominance of big players necessarily a bad thing?

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Updated On : 28 Aug 2020 | 12:05 AM IST

Adani Enterprises shines on bourses as it closes in on Mumbai airport

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

Adani Enterprises shines on bourses as it closes in on Mumbai airport
Updated On : 26 Aug 2020 | 12:19 AM IST

Stalled Navi Mumbai airport to take off with fresh fund infusion by Adani

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

Stalled Navi Mumbai airport to take off with fresh fund infusion by Adani
Updated On : 25 Aug 2020 | 5:40 PM IST

Adani Group to acquire 74% stake in Mumbai International Airport

Makes group second-largest private airport operator

Adani Group to acquire 74% stake in Mumbai International Airport
Updated On : 24 Aug 2020 | 6:04 AM IST

Lenders jittery over Mumbai International Airport's falling financials

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

Lenders jittery over Mumbai International Airport's falling financials
Updated On : 22 Aug 2020 | 6:09 AM IST

GVK group auditors offer to resign, cite non-cooperation from company

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

GVK group auditors offer to resign, cite non-cooperation from company
Updated On : 14 Aug 2020 | 8:38 PM IST