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GVK Power raises stake in profitable Bengaluru Airport. Committed to domestic airport sector

24-Aug-2011

India's GVK Power & Infrastructure has acquired 53.8 million shares, or 14% additional stake, in Bangalore International Airport (BIAL), operator of Bengaluru Airport, from partner Siemens Project Ventures at INR114/share. The INR6.2 billion (USD136 million) acquisition has made GVK the largest stakeholder in the airport with a 43% stake and values the airport at almost INR44.4 billion (USD972 million). [2053 words]

Unlock the following content in this report:

Subheadings:

  • Ownership change after lock-in period ended in Jun-2011
  • Price premium of 8.5% compared to 2009 acquisition price
  • Remaining 26% stake to come off lock-in in 2015. GVK to acquire this stake too.
  • Strong set of financials for GVK in Jun-2011 quarter. Mumbai and Bangalore performing “exceedingly well”
  • EBTIDA of USD21.5 million in Jun-2011 quarter for Bangalore. EBITDA margin of 66%
  • T1 expansion commences amid continued traffic growth
  • GVK increases stake in Mumbai Airport

Graphs and data:

  • Bangalore International Airport Ltd project highlights
  • Bangalore International Airport Ltd project overview
  • Bengaluru International Airport capacity (seats per week) by carrier (22-Aug-2011 to 28-Aug-2011)
  • Mumbai International Airport Ltd overview
  • GVK portfolio by asset size (project cost)
  • Bangalore International Airport financial and operational highlights for 1QFY2012 (crore, mill)
  • Bengaluru International Airport Passenger Numbers (2009 to 2011)
  • Bengaluru International Airport Cargo Volume (2009 to 2011)
  • Bengaluru International Airport Aircraft Movements (2009 to 2011)
  • Mumbai International Airport financial and operational highlights for 1QFY2012 (crore, mill)
  • Mumbai International Airport major retail licenses (crore, mill)
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