The GVK group and its partners have agreed to solve the issues relating to their stake in Mumbai airport, reported The Economic Times.

As per the report, disputes emerged after GVK opposed the plans by Airports Company South Africa (ACSA) and Bidvest Services to sell their stakes in the project. This, the report said, would help stave off a takeover bid by the Adani Group.

GVK offered to frame an agreeable formula to acquire their shares. “The parties have agreed to settle the dispute amicably and GVK has assured that it will buy out its minority investors…During the last hearing, the court had asked the parties to see if they could resolve it amicably, and in today’s hearing, the parties have shown interest to reach a settlement,” a lawyer linked to one of the parties was quoted as saying in the report.

Earlier, GVK had filed an injunction in the court to block its partners from selling their stake in MIAL to a third party. Mumbai International Airport (MIAL) is a joint venture of GVK, Airports Authority of India, Bidvest and ACSA that runs India’s second-busiest airport since 2006 and is building a second one in Navi Mumbai for about Rs 16,000 crore.

As per the report, the parties have agreed that they would not press any further issues during their negotiations after Justice Sanjeev Narula adjourned the matter to April 29 and observed that the parties should try and resolve the issue by then and file their responses and counter-responses in the matter.