GVK Group may increase stake in MIAL

Mumbai: The GVK Group, the lead investor in the Rs7,000 crore Mumbai International Airport (MIAL), may be looking forward to consolidating its position in the project by increasing its equity holding to over 51 per cent, from the current 37 per cent, according to industry speculation.

According to industry sources, the group has initiated discussions with Bidvest, the South Africa-based investment company, which holds 27 per cent equity in the project. Other equity holders are the Airports Company South Africa, which holds 10 per cent, and the Airport Authority of India, which owns the remaining 26 per cent.

Mumbai airport will soon be made ready to handle 40 million passengers per year, double from the current traffic level.

The GVK Group is also planning to bid for several overseas airport development projects.