linkedin
BROUGHT TO YOU BY
Exclusive Access, Inclusive Growth

WELCOME TO ET PRIME

BROUGTH TO YOU BY
Exclusive Access, Inclusive Growth
ET Prime
Aviation

An investigation, a legal notice, and pressure from lenders: what forced GVK to sell its crown jewel

For years, GVK managed to evade takeover of its airports business by stronger players. A decade-and-a-half after it won the bid to privatise India’s second-busiest airport, it has now bowed out, forced by an ongoing financial probe and pressure from lenders. Its exit from the business has been as dramatic as its entry. Here’s the untold story.
font size
FONT SIZE
save
SAVE
saved
SAVED
Gift this article
GIFT ARTICLE
tarunshukla
14 Sep 2020 14 Mins Read 0 comment
GV Sanjay Reddy, vice-chairman, GVK BCCL
GV Sanjay Reddy, vice-chairman, GVK
In early October 2019, a law-enforcement agency, which was sifting through a few dubious real-estate transactions, detected two dozen firms that apparently had no real business activity, but were producing fake invoices. Among them were entities floated by a little-known Bollywood producer. Following the lead, the enforcement-agency officials rushed to the Mumbai office of Karan Arora, also known
airport only after the Bureau of Civil Aviation Security (BCAS) issues them temporary entry passes. “Which is why we first went and checked with BCAS and they said no such passes were issued,” he says. “How would you, say build a runway, when you did not even enter the Mumbai airport?” ( Graphic by Sadhana Saxena)
In early October 2019, a law-enforcement agency, which was sifting through a few dubious real-estate transactions, detected two dozen firms that apparently had no real business activity, but were producing fake invoices. Among them were entities floated by a little-known Bollywood producer. Following the lead, the enforcement-agency officials rushed to the Mumbai office of Karan Arora, also known airport only after the Bureau of Civil Aviation Security (BCAS) issues them temporary entry passes. “Which is why we first went and checked with BCAS and they said no such passes were issued,” he says. “How would you, say build a runway, when you did not even enter the Mumbai airport?” ( Graphic by Sadhana Saxena)

The latest from ET Prime is now on Telegram. To subscribe to our Telegram newsletter click here.

Gift this story

YOU CAN GIFT 0 MORE STORIES THIS MONTH

Maximum 10 Email IDs allowed

300 characters remaining

Gift Sent Successfully

Limit Reached
Limit Reached

You’ve gifted all the 0 articles from your monthly gift bucket!

Please come back next month.

0 more articles will be waiting for you in your gift bucket.

Current Edition

Message from Planet Labs’ eye in the sky: India is a medieval knight in the age of modern warfare
Space

Message from Planet Labs’ eye in the sky: India is a medieval knight in the age of modern warfare

Satellite pictures of the Galwan valley region shared by US-based Planet Labs exposed China backtracking on the agreement with India to disengage. While the images did help India foster its case in shaping global opinion, it also exposes the country’s unpreparedness in advanced technologies. The episode underlines the urgent need to nurture companies in satellite imaging and space technology.

[[^message]]

Result

[[/message]] [[#message]]

[[message]]

[[/message]]