India’s GVK Power and Infrastructure Ltd (GVKPIL) CFO, Issac George, stated there a “numbers of issues” to be resolved before it can increase its stake in Bangalore International Airport Ltd (BIAL) through the acquisition of shares from Siemens Project Ventures (Bloomberg, 23-Dec-2009). Mr George revealed part of Siemens’ stake is locked up to May-2011, with the remainder locked up to May-2015. Siemens controls 40% of BIAL, while GVKPIL owns 29%, after recently acquiring a 12% stake from Zurich Airport and 17% stake from Larsen & Toubro. BIAL ownership currently 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%).
24-Dec-2009 11:38 AM