India's Reliance-Anil Dhirubhai Ambani Group (R-ADAG) has reportedly acquired a 15% stake in the new Kerala Airport for USD49 million (Business Standard, 04-Sep-2010). The acquisition was reportedly made a few months through on the group's smaller investment companies, with the transaction prices at INR486/share. The airport is being promoted by KGS Aranmula Airport Ltd at an investment of USD4.3 billion, with the airport to be the first private sector airport in Kerala (The state already has three international airports: Kochi, Thiruvananthapuram and Kozhikode). Aranmula Airport, meanwhile, received state government approval on 03-Sep-2010. The airport is scheduled to be fully operational by Dec-2012.
ADAG acquires 15% in new Kerala Airport
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