CBI books GVK Group chairman, son for siphoning off Rs 705 cr…

Mumbai, July 2 (HS) The CBI has registered a case against the Chairman of the GVK Group of Companies, Gunupati Venkata Krishna Reddy, and his son G.V. Sanjay Reddy, Managing Director of Mumbai International Airport Ltd. and others for alleged irregularities to the tune of Rs 705 crore in running of the airport.

The CBI said that on April 4, 2006 the AAI entered into an agreement for modernisation, upkeep, operation and maintenance of the Mumbai airport with MIAL.

“The promoters of the GVK group in MIAL in connivance with their executives and unidentified officials of the AAI resorted to siphoning of funds using different ways,” CBI officials said.

The officials further said that the Airport Authority of India (AAI) had formed a joint venture with the GVK Airports Holdings Limited, promoted by the GVK group under public private partnership with Mumbai International Airport Ltd. (MIAL) for upgradation and maintenance of the Mumbai Airport.

MIAL is a joint venture of the GVK Group, Airport Authority of India and a few foreign entities and the Airport Authority of India (AAI) had formed a joint venture with the GVK Airports Holdings Limited, promoted by the GVK group under public private partnership.