NEW DELHI (INDIA):GVK completed sale of its 33% stake in Bangalore International Airport Limited to GVK Power & Infrastructure Limited has announced that it has divested 33% of its stake in Bangalore International Airport Limited (BIAL) from its wholly owned subsidiary, Bangalore Airport & Infrastructure Developers Private Limited (BAIDPL) to Fairfax India Holdings Corporation (TSX: FIH.U), through its wholly-owned subsidiary in Mauritius, for an aggregate investment of Rs 22.02 billion (INR 2202 Crore) which is approximately $336.18 million at current exchange rates.
Dr. GVK Reddy will continue to be the Co – Chairman, BIAL and Mr. G V Sanjay Reddy will lead the management team as the Managing Director of BIAL.
Dr. GVK Reddy, founder Chairman and Managing Director, GVK, said on the occasion, “We reiterate that our primary focus is on deleveraging our balance sheet, and all proceeds from this stake sale shall be used to bring down our debt obligations to our lenders. We look forward to partnering with Fairfax and working with all the stakeholders in developing the Kempegowda International Airport through its next stage of expansion.
“GVK continues to remain bullish as a pioneer and long term investor in airport assets in India. Having qualified as the highest bidder for the Navi Mumbai airport recently, we shall continue to build iconic assets for the country”, he added. for Rs 2,202 crore