new delhi ringfencing itself from mumbai airports takeover bid by the adani group infra major gvk group has secured funding for over rs 7600 crore for its airport holding company the gvk group which is also developing navi mumbai airport has signed binding agreements with abu dhabi investment authority adia public sector pension investment board psp investments supported by its global airports platform avialliance and with national investment and infrastructure fund niif the three will invest rs 7614 crore into gvk airport developers limited gvkadlthis funding will be used by gvk to primarily retire debt obligations of its holding companies significantly and fund the purchase of additional shares in mumbai international airport ltd mial by gvk airport holdings ltd gvkahl from bidvest and acsa in accordance with the right of first offer already exercised by gvkahl mial is a jv of gvk and south african investors bidvest and acsa gvk airport developers own 505 of mial aai 26 bidvest 135 and acsa 10 the adani group has been eying to the 235 held by the two south african companies bidvest and acsagvkahl is the holding company of mumbai international airport limited mial and is also developing navi mumbai international airport nmia through its subsidiary nmia pvt ltd nmial with this transaction mial and nmial will also benefit from the backing of global infrastructure investors as both airports embark on the next growth phase that would lead to unlocking significant value through real estate development in mial and the development of the nmia as per the terms of the proposed transaction upon completion gvkahl will have four shareholders gvkadl adia psp investments and niif gvk said in a statement gvk reddy will continue as executive chairman and g v sanjay reddy as md in both mial and nmial both airports will continue to be branded as gvk airports upon completion of the transaction gvkadl will hold 209 in gvkahl and the balance will be equally shared between the investors it addedgvk group founderchairman gvk reddy said we are delighted to welcome adia psp investments and niif as shareholders in gvkahl together we will continue with our endeavors to create worldclass infrastructure and a strong aviation hub that will provide the impetus for growth and development of mumbai and india we will now accelerate our efforts for developing the navi mumbai international airport monetizing mials real estate assets and building an even stronger airports business this transaction validates the government of indias efforts to attract global investors into the countryin the airport space gvk operates mumbais chhatrapati shivaji maharaj international airport and has also won the mandate to build and operate the greenfield airport at navi mumbai