Tuesday, June 27, 2023

Fairfax India boosts stake in BIAL, Bengaluru airport

The story states that Fairfax India Holdings Corporation has obtained an additional 3% stake in Bangalore International Airport (BIAL) from Siemens Project Ventures GmbH, a division of Siemens Financial Services. The acquisition was made for $75 million.With this transaction completed, Fairfax India's total ownership in BIAL has risen to 57%, consisting of a 13.4% stake held by its wholly-owned subsidiary and a 43.6% stake held by its indirect subsidiary, Anchorage Infrastructure Investments Holding.

Furthermore, Fairfax India, via its wholly-owned subsidiary, has entered into an agreement to purchase an extra 7% equity interest in BIAL from Siemens Financial Services for $175 million. The completion of this acquisition is subject to certain performance conditions being met by BIAL, along with other closing conditions, which are anticipated to be evaluated after October 31, 2023.

It should be noted that BIAL serves as the operator of Kempegowda International Airport, and it holds exclusive rights, as per an agreement with the government of India, to undertake the airport's development, design, financing, construction, commissioning, maintenance, operation, and management until 2068.

27/06/2023 Contruction World

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