The key lenders and vice chairman of GVK Group received a notice from the investor consortium of Abu Dhabi Investment Authority (ADIA), Canada’s Public Sector Pension (PSP) Investments and India’s National Investment &Infrastructure Fund (NIIF).
On August 27th, the investors sent a legal notice through their lawyer, AZB & Partners. The notice stated the ‘breach’ of GVK’s contract with Adani Group if the Mumbai International Airport was sold.
The letter was sent to various bankers along with GV Sanjaya Reddy. SBI Chairman Rajnish Kumar, HDFC Chairman Deepak Parekh and other top bankers – the CEOs of ICICI Bank, Axis Bank, Goldman Sachs India and MD of Punjab National Bank were among the people who received the letter.
In October 2019, the trio had entered into an agreement with GVK Group to buy 79% in GVK Airport Holdings for Rs. 7614 crore. Primarily, the GVK Group was to use the proceeds of the deal to retire the debt of holding companies and fund the purchase of additional shares in MIAL. Since then the matter has been dragged to an arbitration tribunal and sub judice.
