BackGVK Power forms wholly owned subsidiary for airport services
GVK Airport Services Pvt. Ltd will offer technical services to airports in India and abroad
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Hyderabad-based infrastructure conglomerate GVK Power and Infrastructure Ltd has formed a wholly owned subsidiary to offer technical services to airports in India and abroad.
In a filing to BSE on Thursday, GVK Power said that it had acquired 100% equity share capital of GVK Airport Services Pvt. Ltd on 4 June. “As a result, GVK Airport Services Pvt. Ltd has become a wholly owned subsidiary of the company," the company said.
The move has nothing to do with the proposed initial public offer (IPO) of the airport division, said a person close to the development who did not want to be named.
Mint had reported on 14 May that the group is planning an IPO for its airport business in September and will utilize the proceeds to retire its debt worth around ₹ 3,000 crore. It plans to club all its Indian airport units under GVK Airport Developers before listing. An IPO will make GVK Airport Developers Pvt. Ltd the first airport developer to be publicly traded.
On Thursday, GVK Power and Infrastructure shares closed at ₹ 7.58 per share, 1.81% lower from its previous close of ₹ 7.72 per share while the benchmark Sensex lost 0.09% to close at 26,813.42 points.
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