GVK group to increase stake in MIAL

Mumbai: As Mumbai airport morphs into the most sophisticated air traffic hub in the country, GVK, the lead investor in the Rs 7,000 crore project wants to consolidate its position.
GVK group is planning to increase its equity holding in MIAL to over 51 per cent from 37 per cent at present.
The group has initiated discussions with Bidvest-the South Africa based investment company which holds 27 per cent equity in the project. While Airports Company South Africa holds 10 per cent AAI owns 26 per cent equity in MIAL.
For GVK Power & Infrastructure, the listed entity which houses MIAL is expected to grow multifold in the near future. Mumbai airport will soon be ready to handle 40 million passengers per year, double from the current traffic level.
The group is well positioned in terms of future revenue prospects. The group is even planning to bid for several overseas airport development projects.
05/11/07 Rumi Dutta/NDTV.com

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Categories: Airports Nov 2007