GVK Group picks up 12 pc stake in BIAL
Hyderabad-based GVK Power & Infrastructure Limited (GVKPIL) has acquired 12 per cent stake in Bengaluru International Airport Limited (BIAL) from Zurich Airport, a stakeholder in the BIAL.
Zurich Airport had divested 12 per cent of its stake at BIAL while retaining five per cent on October 5.
GVK has also entered into a ‘strategic alliance agreement’ with Zurich Airport to jointly pursue opportunities for airport development projects in the Indian sub-continent. GVK said that with the acquisition of BIAL shares it has emerged as largest private airport player in India.
Incidentally, the latest move could eventually, pave the way for complete take over of majority stake at the BIAL by the GVK Group in future.
Currently, BIAL is also owned by Siemens Project Ventures that holds 40 per cent, while 17 per cent is held by Larsen and Toubro Ltd, 13 per cent by Airports Authority of India and 13 per cent by Karnataka State Industrial Investment and Development Corporation (KSIIDC).
GVKPILChairman & Managing Director G V Krishna Reddy said “the acquisition in BIAL shares and the strategic alliance with Zurich Airport heralds the beginning of a new era in the GVK Airports business.”
