GVK Power and Infrastructure considering plans to invest in airport's internationally
India’s GVK Power and Infrastructure (GVKPIL) announced it is considering plans to invest internationally in an airport close to India (MyDigitalFC.com, 04-Feb-2010). GVKPIL CFO, Issac George, stated the company’s investment opportunities in India are currently limited until the Indian Government approves the privatisation of other airports. Meanwhile, GVKPIL stated it is “in touch” with Siemens in regards to increasing its stake in Bangalore International Airport Ltd (BIAL) by acquiring Siemens’ 40% stake in BIAL, which is locked up to Apr-2010. GVKPIL currently holds 29% stake in BIAL. Siemens stated its would review “any interesting opportunities”, however, the company has “nothing” to announce at the “present time” (Dow Jones, 05-Feb-2010).
GVK Power and Infrastructure: “We are already evaluating one airport close to India. However, we will not be able to disclose the name. Besides, there are proposals for other projects that need to be worked out. As and when the government privatises other airports, we would bid for them too. If required, we may look at all alternatives... We are in touch with Siemens, but there is a lock-in period till Apr-2011, before which the stake cannot be bought,” Issac George, CFO. Source: MyDigitalFC.com, 04-Feb-2010.