GVK

Uttarakhand Governor Lt Gen Gurmit Singh (Retd) made a safe emergency landing in Srinagar on Sunday due to a technical glitch in his helicopter. The precautionary landing at the gvk helipad ensured the governor's safety. He was subsequently taken to the Police Guest House.

gvk Reddy's daughter, Shalini Bhupal, is set to acquire Indian Hotels' 25.5% stake in Taj gvk Hotels & Resorts for Rs 592 crore, becoming the largest shareholder. This move increases the gvk Reddy family's stake to approximately 75%, while Indian Hotels will continue to manage the hotel portfolio under long-term contracts.

“Citigroup Global Markets India Pvt Ltd is the financial advisor to gvk for the transaction. ADIA and NIIF were selected as the preferred partners by gvk following this process. All proceeds from the proposed transaction will be used by gvk towards retiring debt obligations,” gvk said in a statement.

Countering criticism that frequent breakdowns were seriously affecting the functioning of 108 ambulance services across the state, the gvk Emergency Management and Research Institute (EMRI) on Friday clarified that the quality and response time of emergency services in fact had improved over the past two years.

The gvk Group is raising its stake in Mumbai airport to over 50%. gvk Airport Holdings Private Ltd on Wednesday said it has signed a share purchase agreement with Bid Services Division (Mauritius), or BSDM, for purchasing an additional 13.5% stake in Mumbai International Airport (MIAL).

City-based infra major gvk on Saturday said its non-profit arm, gvk EMRI (Emergency Management and Research Institute), had launched the 102 National Ambulance Service in Uttar Pradesh.

The high court has scheduled for November 26 its final hearing in a petition challenging the state’s MoU with private entity gvk–Emergency Management and Research Institute (gvk–EMRI ) that manages the 108 ambulance services.

Six Indian banks are pursuing a trial in the High Court of London against gvk Coal Developers (Singapore) and associated companies for unpaid loans amounting to around $2 billion. The case dates back to 2011 and 2014 when loan facilities were provided to the company, which the banks claim are long overdue. The trial, which began on Tuesday, will last for two weeks.

gvk Power and Infrastructure Ltd on Friday posted a marginal rise of 1.48 per cent in its consolidated net profit to Rs 156.15 crore during the quarter ended September 2023, helped by increased income. It had clocked a net profit of Rs 153.87 crore during the July-September quarter of the preceding fiscal, the company said in a regulatory filing.

gvk Power & Infrastructure Ltd said it will sell 33% stake in Bangalore International Airport Ltd (BIAL) to Canadian investor Prem Watsa-led Fairfax India Holdings Corp and Fairfax Financial Holdings Ltd for about Rs 2,149 crore ($321 million) to reduce debt.

Mumbai International Airport Pvt Ltd (MIAL), a gvk-led consortium, on Wednesday awarded 1.16 million square feet of land parcel at the airport for Rs 580 crore to Oasis Realty Pvt Ltd for commercial development.

Diversified group gvk Power & Infrastructure plans to raise more than Rs 3,000 crore by listing its airports arm.

gvk Power and Infrastructure has acquired L&T’s 17% stake in Bangalore International Airport Limited (BIAL) for a total consideration of Rs 686 crore.

City-based infrastructure giant gvk group said on Friday it has agreed to pay $1.26 billion to acquire coal projects owned by Australian heiress Gina Rinehart-run Hancock group.

According to a project update report, gvk said the process for acquiring the remaining 25 per cent of the land will be initiated shortly.

Malaysia Airports Holdings Berhad is evaluating a potential minority share purchase in gvk Airports Holdings, which runs the existing Mumbai international airport and has rights to develop a second one in the city.

"gvk has come forward to help Pranjala realise her dream and this gesture has been prompted purely to support the talented player," said a media release from the company.

The CBI carried out searches at the premises of gvk Group companies in Mumbai and Hyderabad on Wednesday after registering a case of cheating and forgery against the group, its chairman G Venkata Krishna Reddy, and Mumbai International Airport Ltd (MIAL) MD Sanjay Reddy

gvk Biosciences, leading contract research and development organization and US-based biopharma company, Onconova Therapeutics, announced that they have entered into a partnership to develop new drugs for cancer.

gvk Airport Services, which operates Mumbai and Bangalore international airports, has short-listed five bidders to sell up to 49% for raising Rs 4,000 crore. The bidders, which include German airport operator AviAlliance, are likely to submit binding offers by January-end, people directly familiar with the matter said.

Enforcement Directorate (ED) on Tuesday searched five offices associated with gvk group in Mumbai (two), in Hyderabad (two) and in Pune as part of a probe into a Rs 705 crore money-laundering case related to development of Mumbai airport.

Nine months after talks broke off between gvk Infrastructure and Singapore-based Changi Airports International (CIA) for a minority stake in the Indian company's airport business, both are back at the negotiating table.

Infrastructure major gvk has received Australian environmental approval from the coordinator-general for its $4.2 billion Kevin's Corner mine project in the Galilee Basin in western Queensland.

A standoff between the state government and the gvk Group over payment of dues to the latter has crippled the 108 ambulance services with almost 250 vehicles staying off the roads for want of diesel.

The state government on Monday served an ultimatum to gvk group to repay the Rs 42 crore loan taken by previous private operator Satyam group for the 108 emergency service and also pay for new vehicles to be bought soon.

The airport subsidiary of gvk Power & Infrastructure Limited informed BSE on Friday that it will acquire 12 crore equity shares of Mumbai International Airport Limited (MIAL), “constituting 10% of the total paid-up share capital of MIAL, from ACSA at Rs 77 per share.”

gvk owns and operates the country’s second busiest Mumbai International Airport, and will manage the proposed Navi Mumbai International Airport too. Citigroup is said to be advising the transaction, which could conclude with one of the two bidders in the next two months.

Six Indian banks have won a court battle in London to be paid $2.1 billion by a Singapore subsidiary of the gvk group after it defaulted on its loan repayments. The banks provided the loans for coal mining projects in Australia, but gvk failed to obtain a mining license and blamed the market downturn and legal challenges. The court ruled that the banks are entitled to $1 billion in interest and $1.1 billion of the principal sum. The banks' lawyers stated that this victory is of great commercial significance.