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GVK Group acquires 13.5% in MIAL news
19 October 2011

New Delhi/ Mumbai: GVK Airport Holdings Pvt Ltd said it had completed acquisition of 13.5 per cent stake of Bid Services Division (Mauritius) Ltd in Mumbai International Airport Pvt Ltd (MIAL). It had announced its decision to purchase the stake in March.

Post-acquisition, GVK's stake in MIAL now stands at 50.5 per cent.

GVK bought the stake for $231 million (Rs1,140 crore), which values MIAL at around Rs8,500 crore.

GVK Airport is an arm of GVK Power & Infrastructure Ltd (GVKPIL).

The Airports Authority of India owns 26 per cent in MIAL and Bid Services Division (Mauritius) and the Airports Company of South Africa hold 13.5 and 10 per cent, respectively.

In August, the GVK group increased its stake in Bangalore International Airport Ltd (BIAL) to 43 per cent, by acquiring 14 per cent stake from Siemens for Rs614 crore. The deal valued BIAL at Rs4,300 crore.

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GVK Group acquires 13.5% in MIAL