GVK Airport Holdings Private Ltd (GAHPL) has said that it has signed a share purchase agreement with Bid Services Division (Mauritius) Ltd (BSDM) to buy an additional 13.5 per cent stake in Mumbai International Airport Pvt Ltd (MIAL).
GAHPL is a step-down subsidiary of GVK Power & Infrastructure Ltd. As a result, the equity shareholding of GVK in MIAL will increase to 50.5 per cent from 37 per cent at present through the acquisition of 10,80,00,000 equity shares, a press release issued here stated.
This agreement is subject to regulatory and other approvals.
MIAL is a public-private partnership joint venture between GVK, BSDM, ACSA Global and Airports Authority of India. The company was awarded the mandate for operating and modernising the Chhatrapati Shivaji International Airport, Mumbai, in April 2006.
Upon completion of this transaction, GVK will lead the consortium with a stake of 50.5 per cent, BSDM’s stake will be reduced to 13.5 per cent, ACSA Global will hold 10 per cent and AAI the remaining 26 per cent in MIAL.
02/03/11 PTI/Business Line
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