Bangalore International Airport Ltd announces increased stake of GVK Power & Infrastructure Ltd
Bangalore International Airport Ltd (BIAL) announced GVK Power & Infrastructure Ltd (GVKPIL) acquired Larsen & Toubro’s 17% stake in BIAL for USD149.1 million, with the acquisition valued at USD2.28 per share (The Economic Times, 07-Dec-2009). GVKPIL has increased its stake in BIAL to 29%, having acquired a 12% from Zurich Airport on 05-Nov-2009, when Zurich Airport divested its stake in BIAL to 5%. BIAL ownership now comprises Siemens (40%), GVKPIL (29%), India’s Karnataka State Industrial Investment & Development Corporation Limited (KSIIDC) and Airports Authority of India (AAI) (joint 26%) and Zurich Airport (5%). Zurich Airport remained the operator of Bengaluru International Airport and retained its board representation following sale of share capital in BIAL in early Nov-2009.
GVK Power & Infrastructure Ltd: “The acquisition of additional stake in BIAL is in line with our objective to expand GVK’s presence in the airports business. As BIAL embarks on the next phase of expansion, we wish to partner with all stakeholders to ensure that Bengaluru International Airport further consolidates its position as the leading airport destination in south India,” GV Krishna Reddy, Chairman and Managing Director. Source: The Economic Times, 07-Dec-2009.