Hyderabad/Mumbai: GVK Airport Holdings, a subsidiary of Hyderabad-based infrastructure developer GVK Power & Infrastructure Limited (GVKPIL), has signed a share purchase agreement with Bid Services Division Mauritius (BSDM) to buy 13.5 per cent in Mumbai International Airport Private Limited (MIAL). The value of the deal was not disclosed.
Once GVK acquires the additional 108 million equity shares, its equity shareholding in MIAL will increase from 37 per cent to to 50.5 per cent, while BSDM, ACSA Global and AAI will hold 13.5 per cent, 10 per cent and 26 per cent, respectively. The agreement is subject to regulatory and other approvals, the company said in a press release on Wednesday.
MIAL is a public-private partnership between GVK, BSDM, ACSA Global and Airports Authority of India (AAI). MIAL was awarded the mandate for operating and modernising the Chhatrapati Shivaji International Airport (CSIA) in Mumbai in April, 2006.
“The Chhatrapati Shivaji International Airport, Mumbai, is GVK’s first flagship airport project in India. As part of our overall objective of consolidating our presence in the airports sector in India, we have taken this significant step of increasing our shareholding in MIAL. This signifies our commitment to the airports sector and further reinforces our vision of transforming CSIA into a world-class airport,” said GVKPIL Chairman, G V Krishna Reddy.
03/03/11 Business Standard
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