GVK Power exits Bengaluru airport, sells remaining stake to Fairfax

GVK Power and Infrastructure Limited has sold its residual 10 per cent stake worth Rs 12.9 billion in Bangalore International Airport Limited to Fairfax India Holdings Corporation. The proceeds of the sale will be used to reduce GVK’s debt and fund the development of the upcoming Navi Mumbai airport. The group has reported a debt of around Rs 320 billion.