Mumbai Airport money laundering scam: ED carries out searches in Mumbai & Hyderabad In June, the CBI had booked the promoters of Hyderabad-based leading infrastructure conglomerate, the GVK group and the Mumbai International Airport Limited (MIAL) for criminal conspiracy, cheating and fraud resulting in alleged losses to the state exchequer. Following this, ED registered a money laundering case in the said matter.
Dilip Cherian steps down from the board of Taj GVK Hotels & Resorts In a surprising development, Dilip Cherian, founder of public relation agency Perfect Relations, has stepped down from the board of TajGVK Hotels & Resorts, within a week of his appointment as an independent director, said a person familiar with the development.
GVK writes to govt on Adani airport deal after global investors knocked on PM’s doors In a letter written to Finance Minister Nirmala Sitharaman, on 31st August – the day the transaction was announced --- GVK Reddy, the chairman of the Hyderabad based infrastructure conglomerate highlighted the key reason why Adani was chosen over an investor consortium of NIIF-ADIA-PSP Investments.
We needed a strong financial partner who could do a deal quickly: GV Sanjay Reddy, GVK Group We are not in a position to infuse the required liquidity and any delay in implementing a solution would also severely impact the lenders to our holding companies and other group companies, said
GVK agrees to cede control of airport business to Adani Group The terms of cooperation include acquisition of debt by Adani from various GVK lenders including a Goldman Sachs led consortium and HDFC; releasing GVK of various obligations, securities and corporate guarantees given in respect of debt to be acquired by Adani; the ability for Adani to convert the acquired debt to equity of its airport subsidiary on mutually agreed terms.