GVK Power To Sell 10% Stake In Bengaluru Airport To Fairfax India
Airport operator GVK Power and Infrastructure on Friday said it will sell 10 percent of its residual stake in Bangalore International Airport Limited (BIAL) in southern India to Fairfax India Holdings Corp for Rs 1,290 crore.
GVK would sell its stake, held by its unit Bangalore Airport Infrastructure Developers Private Limited, and the proceeds would be used for reducing GVK's debt obligations, the company said.
Separately, Toronto-listed Fairfax India said it will own a combined 48 percent interest in BIAL on completion of the deal.
GVK had last year sold a 33 percent stake in the Bengaluru airport to Fairfax Financial Holdings, a Toronto-based company which had set up Fairfax India in 2014.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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