Fairfax Touches Down At Bangalore International Airport
Prem Watsa-promoted Fairfax India Holdings Corporation has acquired 38 percent stake in Bangalore International Airport Ltd. (BIAL) for approximately Rs 2,522 crore.
GVK Ltd., which operates the airport, sold 33 percent stake for Rs 2,202 crore while Flughafen Zurich AG, popularly known as the Zurich Airport, sold 5 percent stake for Rs 320 crore to the Canadian investment giant.
The proceeds will be used to retire some of the company's high interest debt, Group Chairman and Managing Director GVK Reddy said in a media statement.
GVK recently emerged as the highest bidder for the new Navi Mumbai airport, and operates the existing airport in the city.
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