GVK Power & Infrastructure Limited's subsidiary GVK Airport Holdings Limited (GVKAHL) and Bid Services Division (Mauritius) Limited (Bidvest) earlier announced agreement on GVK acquiring the 13.5% stake of Bidvest in MIAL (Mumbai International Airport Limited). The lawyers from two parties informed the Delhi High Court that the agreement has not yielded any results. Delhi HC will start the hearing of both parties on 29th April 2019. Before the hearing, GVK Airport Holdings Limited and Bidvest wanted to sit down and talk before moving the injunction plea in High Court.

Earlier in February GVK exercised its Right of First Refusal following an offer by the Adani Group to buy Bidvest's stake in MIAL. GVK's proposed last day for payment is September 30, 2019, which Bidvest has now contended that it could not wait for. GVK is citing legal and other regulatory hurdles for raising investment for the Bidvest's stakes. As per the agreement and exercise of Right of First Refusal GVK will require INR 2,171.4 crore to pay for the acquisition of the 23.5 percent stake (13.5% from Bidvest and the earlier announced acquisition of 10% stake from ASCA).

With the exercise of the Right of First Refusal for the acquisition of shares in MIAL, GVK´s stake would rise to 74% from current 50.5%. GVK has agreed to buy the share at the rate of INR 77 per share, and it will require INR 2,171.4 crore to pay for the acquisition of 23.5% stake (13.5% from Bidvest and the earlier announced acquisition of 10% stake from ASCA). It is not clear at the moment how the GVK was planning to raise the amount to fund this acquisition.