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Zurich Airport divests 12% in Bangalore and keeps 5% in preparation for further growth in India

6-Oct-2009 8:46 AM

Switzerland's Zurich Airport announced (05-Oct-09) it intends to divest 12% of its total shareholding of 17% in Bangalore International Airport Ltd. The stake will be sold to either an existing shareholder or new strategic partner for the Indian airports expansion project, with the aim to forge a development partnership. Bangalore is currently planning its next expansion phase, which includes an additional terminal and a second runway. Zurich Airport has formally launched the Right of First Refusal Process with a valuation expectation for 12% in BIAL shares of approximately EUR66.1 million. The divestment process is expected to take four months. [more]