AZB & Partners and Amarchand Mangaldas have advised on GVK Airport Holdings’ 13.5 per cent stake acquisition of Bid Services’ shares in Mumbai International Airport to become the largest shareholder in the consortium of airport operators.

GVK Airport, which is a subsidiary of GVK Power & Infrastructure, was advised by the Mumbai office of Amarchand Mangaldas led by equity partner L Viswanathan.

The seller Bid Services had drafted in AZB & Partners Mumbai partner Rajendra Barot on the transaction.

Bid Services Division is a wholly owned subsidiary of South African company Bidvest Group Limited.

The acquisition has increased GVK’s shareholding to 50.5 per cent in Mumbai International Airport Limited which along with Bid Services Division, ACSA Global and the Airports Authority of India operates the Chhatrapati Shivaji International Airport in Mumbai. GVK paid $280m for the stake, the Economic Times reported.

The legal work included negotiation and finalisation of a share purchase agreement.