GVK completes sale of its 33% stake in Bangalore Airport to Fairfax India
Bangalore International Airport Limited (BIAL) is the operator of the BLR Airport
Mar 25, 2017: GVK Power & Infrastructure Limited has divested 33% of its stake in Bangalore International Airport Limited (BIAL) from its wholly owned subsidiary, Bangalore Airport & Infrastructure Developers Private Limited (BAIDPL) to Fairfax India Holdings Corporation, through its wholly-owned subsidiary in Mauritius. The divestment was made for Rs. 2,202 crore.
GVK Reddy will continue to be the Co – Chairman, BIAL and G V Sanjay Reddy will lead the management team as the Managing Director of BIAL.
“We reiterate that our primary focus is on deleveraging our balance sheet, and all proceeds from this stake sale shall be used to bring down our debt obligations to our lenders. We look forward to partnering with Fairfax and working with all the stakeholders in developing the Kempegowda International Airport through its next stage of expansion,” said GVK Reddy.
“GVK continues to remain bullish as a pioneer and long term investor in airport assets in India. Having qualified as the highest bidder for the Navi Mumbai airport recently, we shall continue to build iconic assets for the country,” he added.
Post sale, GVK group would have 10 per cent stake in this profit-making airport asset.
Photo Source: Business Standard
