2-Mar-2011 4:37 PM

GVK Power & Infrastructure to acquire a further 13.5% stake in Mumbai Airport

India's GVK Power & Infrastructure Ltd, through its GVK Airport Holdings Pvt Ltd (GAHPL) subsidiary, signed an agreement to acquire a further 13.5% stake in Mumbai International Airport Pvt Ltd (MIAL) from Bid Services Division (Mauritius) Ltd (Reuters/Financial Express/DHNS/The Hindu/Economic Times, 02-Mar-2011). As a result, GVK's stake in MIAL will increase to 50.5%. MIAL was awarded the mandate for operating and modernising Mumbai Chhatrapati Shivaji International Airport in Apr-2006. GVK did not disclose financial details of the agreement. GVK is the largest stakeholder in MIAL, followed by the Airports Authority of India which holds 26%, Bid Services Division (Mauritius) Ltd (BSDM) with a 13.5% stake and ACSA Global with a 10% stake.