GVK acquires L&T's 17 per cent stake in Bangalore airport for Rs686 crore
07 December 2009
GVK Airport Developers Pvt Ltd (GVKPIL), a subsidiary of leading infrastructure developer GVK Power and Infrastructure Ltd, has acquired 17-per cent stake in Bengaluru International Airport Ltd (BIAL) at Rs105 a share from L&T Infrastructure Development Projects Ltd.
The total cost of the transaction is estimated at Rs686 crore.
''The acquisition of additional stake in BIAL is in line with our objective of expanding GVK's presence in the airports business,'' Dr G V Krishna Reddy, chairman of GVKPIL, said in a statement yesterday.
With this, the company's stake in BIAL has gone up to 29 per cent, the company said.
GVK had in early November acquired 12-per cent stake of BIAL from Zurich-based Flughafen Zuerich AG ffor for Rs485 crore. (See: GVK buys 12 per cent in Bangalore airport from Swiss company).
Currently, Siemens holds 40 per cent stake in BIAL, the Airport Authority of India and the Karnataka State Industrial Investment and Development Corp Ltd (KSIIDC), the financing arm of the Karnataka government for infrastructure projects, hold 13 per cent each, and Zurich Airport 5 per cent.