Thursday, July 19, 2018

GVK in talks for stake sale in airports company

Mumbai: The GVK group is planning to sell a minority stake in its airports holding company and has held talks with Qatar Investment Authority (QIA), AMP Capital and Global Infrastructure Partners as well as Canada Pension Plan Investment Board among other global investors, three people close to the development said.
GVK, via GVK Airport Holding, owns 50.5% in Mumbai International Airport Ltd. (MIAL), the consortium that runs the existing airport in the city and has won the bid for developing a new Rs 16,000 crore airport project, Navi Mumbai International Airport Ltd (NMIAL) on its outskirts. MIAL’s other stakeholders are Airports Company South Africa (10%), Bidvest (13.5%) and the state-run Airports Authority of India (26%).
Talks for a stake sale at GVK Airport Holding have been on for several months and a deal should be a concluded before the end of the year, said the second person. Citi group has the mandate for managing the deal, said the third.

The new investor would have a holding in both the downstream airport assets, said one of the people cited above.
19/07/18 Anirban Chowdhury/Economic Times