Friday, March 24, 2017

GVK divests 33% in Bangalore airport to Fairfax India for ₹2,200 crore

Hyderabad: GVK Power & Infrastructure Ltd has divested 33 per cent of its stake in Bangalore International Airport Ltd (BIAL) from its wholly-owned subsidiary, Bangalore Airport & Infrastructure Developers Pvt Ltd, to Fairfax India Holdings Corporation. The divestment was made through its wholly-owned subsidiary in Mauritius for ₹2,202 crore.

GVK Reddy will continue to be Co-Chairman, BIAL, and GV Sanjay Reddy will lead the management team as Managing Director of BIAL.

GVK Reddy, Chairman and Managing Director, GVK, said, “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.'
24/03/17 Business Line