GVK Group sells 33 per cent stake in BIAL to Fairfax

GVK Power and Infrastructure Limited has completed the sale of a 33 per cent equity stake in Bangalore International Airport Limited (BIAL) to FIH Mauritius Investments Limited and the Fairfax India Holdings Corporation. The divestment deal was completed for an aggregate value of Rs 22.02 billion ($336.18 million). With this, Fairfax will hold a 38 per cent stake in BIAL leaving GVK with a stake of only 10 per cent. The other stakeholders are Siemens Project Ventures (26 per cent), the Airports Authority of India (13 per cent) and Karnataka State Industrial and Infrastructure Development Corporation Limited (13 per cent). BIAL will now partner with Fairfax in developing Bengaluru airport through its next stage of expansion which includes a world-class terminal and a new runway.