Talks between GVK Infrastructure & Power Limited (GVKPIL) & Singapore based - Changi Airport for stake sale in the former's airport business have broken down according to two sources familiar with the details. GVKPIL was in exclusive talks with Changi Airport to sell 26% stake in its Airport business.
The two sides had signed an exclusivity agreement to engage in discussions towards accomplishing a deal for a period of 90 days which has now lapsed. Sources say that the Changi Airport's board is now seeking more details and clarity on the projected revenues. "The deal has not been scrapped but with differences emerging over some issues it may not go through" said a source who did not want to be named.
GVKPIL has now initiated talks with financial investors to dilute stake in the airport business. Actis, 3i & Blackstone have shown interest in exploring talks with the company.
28/03/12 Sameer Hashmi/Economic Times
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