New Delhi: GVK Power and Infrastructure will sell 33 per cent of total stake in Bangalore International Airport Ltd to Fairfax India for Rs 2,149 crore, a deal that will trim the group's debt burden by more than Rs 2,000 crore.
The transaction, expected to be completed by mid-2016, would also help the diversified entity save around Rs 300 crore annually on interest costs.
Bangalore International Airport Ltd (BIAL) owns and operates the Kempegowda International Airport Bengaluru. The airport started operations in May 2008.
In BIAL, GVK Group holds 43 per cent stake, Siemens Project Ventures GmbH 26 per cent and Flughafen Zurich AG Ltd 5 per cent while state-owned entities Airport Authority of India and Karnataka State Industrial Investment & Development Corporation Limited hold 13 per cent each.
28/03/16 PTI/Economic Times
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The transaction, expected to be completed by mid-2016, would also help the diversified entity save around Rs 300 crore annually on interest costs.
Bangalore International Airport Ltd (BIAL) owns and operates the Kempegowda International Airport Bengaluru. The airport started operations in May 2008.
In BIAL, GVK Group holds 43 per cent stake, Siemens Project Ventures GmbH 26 per cent and Flughafen Zurich AG Ltd 5 per cent while state-owned entities Airport Authority of India and Karnataka State Industrial Investment & Development Corporation Limited hold 13 per cent each.
28/03/16 PTI/Economic Times
