Mumbai: A group of investors led by IDFC Private Equity is in initial talks with the Reddys of the GVK Group to buy a significant minority stake in its airports business for $400 million (Rs 2,500 crore), two people with knowledge of the matter said.
IDFC PE will anchor the investment in GVK Airports Holdings, they said on condition of anonymity. The PE firm that invests in roads, power and airport developers had recently raised $644 million for an infrastructure fund.
For GVK, the deal will help reduce debt and raise money to expand its airports capacity. In January, Vice-Chairman Sanjay Reddy said it was looking to raise Rs 2,500 crore through a stake sale in a few months. The group operates the airports in Mumbai and Bangalore.
05/02/14 Sneha Shah & Anirban Chowdhury/Economic Times
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IDFC PE will anchor the investment in GVK Airports Holdings, they said on condition of anonymity. The PE firm that invests in roads, power and airport developers had recently raised $644 million for an infrastructure fund.
For GVK, the deal will help reduce debt and raise money to expand its airports capacity. In January, Vice-Chairman Sanjay Reddy said it was looking to raise Rs 2,500 crore through a stake sale in a few months. The group operates the airports in Mumbai and Bangalore.
05/02/14 Sneha Shah & Anirban Chowdhury/Economic Times
