GVK acquires L&T's 17 pc stake in BIAL

 
“The acquisition was priced at Rs 105 per share. With this, GVK now holds 29 per cent stake in BIAL,” the firm said in a release here.

GVK Power & Infrastructure (GVKPIL) had last month acquired Zurich Airport’s 12 per cent stake in BIAL for Rs 484.60 crore.

“The acquisition of additional stake in BIAL is in line with our objective of expanding GVK’s presence in the airports business,” GVKPIL Chairman and Managing Director G V Krishna Reddy said in the statement. Siemens now holds 40 per cent stake in BIAL, while GVK 29 per cent, Zurich Airport five per cent and the remaining 26 per cent is equally held by the Karnataka government and Airports Authority of India.

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