GVK buys 12% stake in BIAL for Rs484.6 cr

GVK buys 12% stake in BIAL for Rs484.6 cr

Mumbai: GVK Airport Developers, the wholly- owned subsidiary of the GVK group, on Thursday said it has acquired a 12% stake in Bengaluru International Airport Ltd (BIAL) from airport management services provider Zurich Airport for Rs484.6 crore.

The Board of Directors of GVK Power and Infrastructure Ltd has approved the acquisition through GVK Airport Developers, a company press release said here.

Zurich Airport is the operator of the Bengaluru International Airport.

GVK has also entered into an alliance with Zurich Airport to collaborate and cooperate in pursing opportunities for airport development projects in the Indian sub-continent.

Acquisition of BIAL shares will serve GVK’s strategic business objective of expanding into the airport business in India and will mark its presence in southern India, the release said.

GVK is amongst the country’s largest infrastructure developers and also the lead-promoter of Mumbai International Airport.

Standard Chartered Bank acted as advisers to GVK on this transaction, the release said.