Fairfax India Holdings receives security clearance from MoCA for acquisition of 38 per cent BIAL stake

The MoCA has granted security clearance for the sale of a 38 per cent equity stake in Bangalore International Airport Limited (BIAL) to Fairfax India Holdings Corporation. The security clearance had already been recommended by the Ministry of Home Affairs earlier. However, MoCA approvals were pending as several clarifications had been sought from the companies (Fairfax and GVK) and the state government. With the conclusion of this deal, Fairfax will hold 38 per cent in BIAL while GVK will have a stake of only 10 per cent. The other stakeholders are Siemens Project Ventures (26 per cent), AAI (13 per cent), and Karnataka State Industrial and Infrastructure Development Corporation Limited (13 per cent).