GVK Power & Infrastructure has announced it expects the modernisation of Mumbai International Airport to be delayed by three to four months, although it has not disclosed a reason for the delay. The project was earlier scheduled to be completed by Dec-2012.
Meanwhile, Mumbai International Airport Limited, the GVK-led consortium that runs the airport, has announced it plans to sell up to 70 acres in the area. Shares in GVK were up 5.8% on Friday but have dropped more than 50% over the year to date.
Shares in Ferrovial SA dipped 4.1% on Friday. Reports emerged last week that the company was in talks with an US infrastructure investor Alinda Capital Partners about a sale of 10% in UK airport operator BAA. However, the company stated talks are only at an early stage. A sale could be valued at close to USD285 million, which is expected to be used to pay down some of the EUR19.8 billion in debt held by Ferrovial.
Selected ABD daily share price movements (% change): 24-Jun-2011