Friday, March 31, 2017

Bengaluru airport gets new board; new terminal to cater to traffic growth

The Bengaluru airport, the third-busiest in the country, now has a new board following Fairfax's acquisition of a 38 per cent stake in the airport.

The Economic Times on Friday reported that Fairfax Chairperson Prem Watsa, two other group executives Chandran Ratnaswami and Harsha Raghavan, and HDFC chairperson Deepak Parekh have been inducted in the Bengaluru airport board as additional directors.

Last week, Fairfax completed its acquisition of 38 per cent stake in the Bengaluru International Airport Limited (BIAL), which includes 33 per cent stake of GVK Group and five per cent shares held by Zurich Airport. The deal value was around Rs 2,200 crore.

GVK Group was not a part of the original consortium which commissioned the greenfield airport in 2008 and it took over the management after acquiring stakes from Larsen & Toubro and Zurich Airport in late 2009-early 2010.

GVK Group Chairperson GVK Reddy will continue as co-chaiperson of BIAL and his son, G V Sanjay Reddy, will continue as it's managing director and oversee operations and expansion of the airport, a company spokesperson said.
31/03/17 Aneesh Phadnis/Business Standard