GVK Group may sell part of its Bangalore airport stake: GVK Group, the majority shareholder in both Mumbai and Bangalore airports, is planning to sell a part of its 43% stake in the profitable Bangalore Airport to strategic investors or sovereign wealth funds, two people with direct knowledge of the development said. The move is aimed at bringing down the company's heavy debt and expand its capacity. The group, owned by billionaire GVK Reddy, has appointed investment bank Kotak Mahindra Capital Company to scout for buyers. Malaysian Airport Holdings Berhad and some Middle East sovereign wealth funds have shown preliminary interest in the stake offered by GVK Group. GVK Group, which owns 50.5% stake in Mumbai airport, purchased a 12% stake in BIAL in November 2009 for Rs484.6 crore, as part of expanding its airport business and a year later raised it to 43% by investing additional INR 1,300 crore.
09/12/13 Times of India/VCCIRCLE
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09/12/13 Times of India/VCCIRCLE
