Infrastructure company GVK will now have a majority stake in Mumbai’s airport. It has hiked its ownership in the holding company Mial to 50.5% from the present 37%. It bought that 13.5% stake from BSDM, which is one of the firms that made up the Mial consortium. Once the deal is complete, BSDM will still own another 13.5% of Mial. Of the remaining stake, Airports Authority of India owns 26% and ACSA Global another 10%. GVK got the contract to modernize Mumbai’s airport back in 2006. It also runs the international airport in Bangalore.
American billionaire Warren Buffett plans to make a foray into India’s insurance market. His company Berkshire Hathaway is becoming a corporate agent of Bajaj Allianz General Insurance. The company has already got the go-ahead from insurance regulator IRDA, and plans to start selling policies on 7 March. Berkshire plans to start offering auto insurance before branching out into other kinds of products.
Just days after Pranab Mukherjee’s budget speech, there’s a fresh warning on inflation. On Wednesday, RBI deputy governor Subit Gokarn warned that rising oil prices would make it harder for the central bank to fight inflation. But he added that the RBI’s tightening of monetary policy was having an impact on non-food inflation.