Karnataka has advised the Ministry of Civil Aviation (MoCA) to issue “security clearance“ to billionaire Prem Watsa's proposed investment in Bangalore International Airport (BIAL) in an effort to speed up an FDI proposal that has been flying back and forth between Bengaluru and New Delhi.
The traffic volumes at BIAL have surpassed the projections, calling for speedy addition of a second terminal.But the delay by the Centre could be holding up key capital investment decisions at the BIAL due to the uncertainty the indecision has created, people aware of the development said.
Watsa's Toronto-based Fairfax Group had, in March last year, announced its decision to buy a 33% stake in BIAL from GVK Group for Rs 2,182 crore ($321 million), valuing the eight-year-old airport at about Rs 6,600 crore. A month later, Fairfax signed another deal to buy 5% stake held by Flughafen Zurich AG in BIAL.
03/01/17 KR Balasubramanyam/Economic Times
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The traffic volumes at BIAL have surpassed the projections, calling for speedy addition of a second terminal.But the delay by the Centre could be holding up key capital investment decisions at the BIAL due to the uncertainty the indecision has created, people aware of the development said.
Watsa's Toronto-based Fairfax Group had, in March last year, announced its decision to buy a 33% stake in BIAL from GVK Group for Rs 2,182 crore ($321 million), valuing the eight-year-old airport at about Rs 6,600 crore. A month later, Fairfax signed another deal to buy 5% stake held by Flughafen Zurich AG in BIAL.
03/01/17 KR Balasubramanyam/Economic Times
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