MIAL operates Chhatrapati Shivaji Maharaj International Airport (CSMIA), the second busiest airport in India both in terms of passenger & cargo traffic and has concession rights for Operation, Management and Development of Navi Mumbai International Airport. CSMIA has two operating terminals spread over a total land area of 1,850 acres and handles close to 46 mn passengers annually and 950 aircraft movements per day, making it one of the busiest airports globally. ACSA is a South African airport management company, majority owned by the South African Govt. Founded in 1993, ACSA owns and operates a network of 9 airports in South Africa. Moreover ACSA has economic interest across other geographies including Sau Paulo (Brazil), and provides technical, advisory and consultancy services to a number of other airports in African Continent – Ghana (Accra–Kotoka), Rwanda (Kigali–Bugesera) and Zambia (Lusaka–Kenneth Kuanda).
This transaction marks a successful and profitable exit for ACSA and has helped generate much needed liquidity from sale of this stake despite facing multiple unexpected challenges post signing Share Purchase Agreement in March 2019 on account of a) numerous lawsuits by incumbent majority shareholder to seek complete control of MIAL b) followed by financial distress on account of sharp fall in passenger traffic due to COVID-19 pandemic. ACSA has made excellent returns on their investment, setting a precedent and paving the way for more foreign investors to be a part of India’s infrastructure growth story.