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Zurich Airport completes divestment of 12% stake in Bangalore International Airport Ltd

30-Dec-2009 8:12 AM

Zurich Airport announced (29-Dec-2009) it has completed its planned sale of a 12% divestment of its 17% shareholding in Bangalore International Airport Ltd. The cash in proceeds of this transaction (after Indian tax) amount to EUR58.5 million, having a positive impact of approximately EUR50.5 million on the company’s net profit. Zurich Airport will remain the operator of Bengaluru International Airport and will also retain 5% of the share capital of BIAL, including its board representation. [more]

Zurich Airport: "Together with the new entered strategic alliance with GVK Power & Infrastructure Ltd (GVKPIL), Zurich Airport affirms its commitment to the Indian aviation market and intends, together with its new partner GVKPIL, to expand its airport activities in South Asia and its presence in India. This commitment is based on the strategy of growing internationally in terms of operational management contracts, in combination with minority equity stakes if deemed meaningful", Media Statement, 29-Dec-2009