GVK exits BIAL with 10 per cent stake sale to Fairfax India for Rs 12.9 billion

GVK Power and Infrastructure Limited has sold its remaining 10 per cent stake in Bengaluru airport to Fairfax India Holdings for a consideration of Rs 12.9 billion. The move is in line with GVK’s strategy to reduce its debt and focus on the Mumbai and Navi Mumbai airports. The transaction is likely to be completed in July 2017. The deal now takes Fairfax’s total ownership in Bengaluru airport to 48 per cent.