Hyderabad-based infra group GVK is likely to finalise stake dilution in its airport business over the next couple of months and the proceeds will be used to clear Rs 2,500-crore non-operational debt. GVK operates Mumbai and Bangalore airports.
The company also ruled out taking the airport arm public as stake dilution to other investors will be the priority.
“Over the next few months we will see some results as we have been in talk with several investors to dilute the stake in the airport business,” GVK Power and Infrastructure Vice-Chairman and Managing Director of Mumbai International Airport G V Sanjay Reddy told reporters here.
Reddy said investors have evinced interest in the group’s airport business, adding the process is expected to be completed in the next two months.
The proceeds from the partial stake sale will be utilised to settle the around Rs 2,500 crore debt in the airport arm, Reddy said, adding the priority will be to dilute stake in the Bangalore airport JV.
12/01/14 PTI/Deccan Herald
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The company also ruled out taking the airport arm public as stake dilution to other investors will be the priority.
“Over the next few months we will see some results as we have been in talk with several investors to dilute the stake in the airport business,” GVK Power and Infrastructure Vice-Chairman and Managing Director of Mumbai International Airport G V Sanjay Reddy told reporters here.
Reddy said investors have evinced interest in the group’s airport business, adding the process is expected to be completed in the next two months.
The proceeds from the partial stake sale will be utilised to settle the around Rs 2,500 crore debt in the airport arm, Reddy said, adding the priority will be to dilute stake in the Bangalore airport JV.
12/01/14 PTI/Deccan Herald
