State approves extension of concession agreement for Bengaluru (Kempegowda) Airport

The Government of Karnataka (GoK) has approved to extend the concession agreement with the Bengaluru International Airport Limited (BIAL) for the Kempegowda Airport from May 2038 to May 2068. Besides, the land lease agreement has also been revised by 30 years by increasing the site cost to a maximum of Rs 3.02 billion from the existing Rs 2.12 billion. The airport is situated in Karnataka. The Bengaluru International Airport Limited (BIAL), a special purpose vehicle (SPV) formed by Siemens Project Ventures GmbH (20 per cent), Fairfax India Holdings Corporation (54 per cent), AAI (13 per cent) and Karnataka State Industrial and Infrastructure Development Corporation Limited (KSIIDC) (13 per cent), is undertaking the expansion of the airport.