Bangalore Airport and Infrastructure Developer Private Ltd, a subsidiary of GVK Power and Infrastructure Ltd, today acquired about 14 percent stake in Bangalore International Airport Ltd from Siemens Project Ventures GmbH for Rs 613.82 crore.
Bangalore Airport and Infrastructure Developer (BAIDPL) purchase 5,38,44,000 equity shares of Rs 10 each for Rs 613.82 crore. With this acquisition, GVK’s stake in Bangalore International Airport (BIAL) has been increased to 43 percent from 29 percent.
BIAL was awarded the mandate to modernize the Bengaluru International Airport in July 2004. This move comes barely within 24 hours of GVKPIL arm hiking stake in Mumbai International Airport Ltd, to 50.5 percent.
Mr. G.V. Krishna Reddy, Chairman, GVKPIL, said: “GVK has been a frontrunner in the development of airports taking up both Mumbai and Bangalore. The completion of the acquisition of the additional 14 percent stake in BIAL helps us further consolidate Bengaluru International Airport as the leading airport destination in southern India.
“Moreover, we believe that this strategic transaction will be very crucial to the next phase of growth of Bengaluru International airport.”
GVK, which operates India’s two key airports — Mumbai and Bangalore — is India’s largest airport operator in the private sector. The two airports together account for passenger traffic of about 43 million during 2011-2012.
Bangalore International Airport has grown significantly with a focus on passenger convenience and comfort. BIAL is envisioned to meet the growing aviation needs of the city through the development of a passenger-friendly, well operated, and financially sound airport. It is also taking up the expansion of the airport and related infrastructure.