Friday, July 14, 2017

GVK Power completes residual stake sale in BIAL

Bengaluru: GVK Power and Infrastructure Ltd has announced the completion of the sale of its residual stake of 10 per cent in Bangalore International Airport Ltd (BIAL), held through its subsidiary, Bangalore Airport Infrastructure Developers Pvt Ltd, to Fairfax India Holdings Corporation (Fairfax India) for a consideration of ?1,290 crore.

In March 2017, GVK closed an agreement signed in March 2016 with Fairfax India to sell a 33 per cent stake in BIAL. It had retained a 10 per cent stake and the management of BIAL. Subsequently, in June 2017, GVK announced its decision to sell the 10 per cent residual stake to Fairfax India.

GVK Reddy, Founder Chairman and MD of GVK, said, “Since deleveraging is currently our top priority, we decided to part ways with BIAL. However, the airports sector will continue to be a core focus area for GVK.”
13/07/17 Business Line