GVK acquires Zurich Airport's12% stake in Bengaluru International Airport

Mumbai: The Board of Directors of GVK Power and Infrastructure Limited (GVKPIL) today approved an acquisition of 12% stake in Bengaluru International Airport Limited (BIAL) from Zurich Airport for a total consideration of Rs 484.6 crore through GVK Airport Developers Pvt. Ltd. (GVKADPL), a wholly owned subsidiary of GVK.
GVK is a leading infrastructure developer in India and also lead promoter of Mumbai International Airport. GVK has also entered into a Strategic Alliance Agreement with Zurich
Airport which is in the business of providing Airport management services and is currently the operator of Bengaluru International Airport. Both the parties have agreed to collaborate and co-operate to jointly pursue opportunities for airport development projects in the Indian
sub-continent.
Acquisition of BIAL shares will serve GVK?s strategic business objective of expanding into airport business in India and will mark its presence in Southern India - a fast expanding aviation market. With this acquisition, GVK will emerge as the largest private airport player in India.
On this occasion, the Chairman and Managing Director of GVKPIL Dr. G V Krishna Reddy said "The acquisition in BIAL and the Strategic Alliance with Zurich Airport heralds the beginning of a new era in the GVK Airports business and will provide the impetus to grow into new markets and territories."
Standard Chartered Bank acted as advisors to GVK on this transaction.'
06/11/09 PRESS RELEASE/GVK GVK Power and Infrastructure Limited

To Read the News in full at Source, Click the Headline

Categories: Airports Nov 2009, Foreign Nov 2009, New Nov 2009