Fairfax India to acquire additional 3% equity interest in BIAL

Fairfax India Holdings Corporation, through its wholly-owned subsidiary, has entered into an agreement to acquire an additional 3 per cent equity interest in Bangalore International Airport Limited (BIAL) from Siemens Project Ventures GmbH, part of Siemens Financial Services (SFS), for consideration of $75 million.

In addition, Fairfax India has also agreed to acquire an additional 7 per cent equity interest in BIAL from SFS for additional consideration of $175 million, subject to the satisfaction of certain performance conditions by BIAL and other closing conditions, which are expected to be tested subsequent to October 31.

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Fairfax India previously had a 54 per cent stake in BIAL, while Siemens Project Ventures GmbH had a 20 per cent stake.

“The transaction is expected to close in Q2 2023, subject to the satisfaction of certain closing conditions,” inforfmed a statement issued by Fairfax India..

“This additional investment in BIAL reinforces our confidence in the continued success and opportunities at BIAL. With the opening of Kempegowda International Airport’s Terminal 2, we expect significant growth over the coming years. We have had great support from Siemens through SFS over the past few years and look forward to our continued partnership,” said Prem Watsa, Chairman of Fairfax India.

Both Fairfax India and BIAL didn’t comment on DH’s queries seeking further details.