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Friday, Nov 06, 2009
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Business Daily from THE HINDU group of publications Friday, Nov 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Infrastructure Logistics - Mergers & Acquisitions GVK Power to buy Zurich’s 12% stake in Bangalore Airport co Our Bureau Bangalore, Nov.5 GVK Power & Infrastructure Ltd is buying a 12 per cent stake in airport operator Bangalore International Airport Ltd for Rs 484.5 crore. GVK, which is also upgrading the Mumbai airport, will buy the 4.61 crore shares being offloaded by Zurich Airport — the original co-promoter of the new Bengaluru International Airport — the company said after its board approved the move on Thursday. GVK and Zurich Airport have also entered into an alliance to bid for airport development projects in the sub-continent, it said. The wholly-owned GVK Airport Developers P Ltd would acquire the stake after getting the necessary consents. The Swiss company will keep 5 per cent stake and continue to operate the 17-month-old BIA. BIA, built at nearly Rs 2,500 crore, is promoted by Siemens Project Ventures, Zurich Airport, L&T as 40:17:17 private sector partners; Airports Authority of India and the Karnataka-owned KSIIDC hold 13 per cent each. According to reliable sources, the existing partners in the company had the first right of refusal for Zurich Airport’s stake. L&T, which is looking to expand in the airport sector, did not see any merit in acquiring the stake. One, it felt the price being asked was high and, two, it did not see any great advantage in buying the shares as that would have increased its stake to only 29 per cent. Unique Zurich to divest 12% in Bangalore airport BIAL to resume second phase expansion next year More Stories on : Infrastructure | Mergers & Acquisitions | Airlines
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