GVK Group

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.

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