NEW DELHI: South Africa’s Bidvest Group Ltd won court approval to sell its holding in Mumbai International Airport to a third party, dealing a blow to majority holder GVK Power & Infrastructure Ltd’s bid to increase its ownership.
The ruling allowed unit Bid Services Division (Mauritius) Ltd to divest its 13.5% stake, dismissing GVK’s effort to exercise its right of first refusal. The judge said GVK failed to show any preparedness to purchase the shares.
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