Astute businessman George V Nereaparambil, who owns 22 flats in Dubai’s Burj Khalifa, has put his nearly 12 per cent stake in Cochin International Airport Ltd (CIAL) on the block. The stake will be valued at about ₹200-250 crore, valuing the company at a little over ₹2,000 crore.

Nereaparambil, who is the founder of Dubai-based Geo Group of Companies, was among the first to invest in CIAL as early as 1996.

He had bought about 11.89 per cent stake about 20 years ago for about ₹14.30 crore, while he was later allotted additional shares through rights issues.

“He (Nereaparambil) had a couple of rounds of discussions with certain investors, including some big players of the aviation sector. However, the deal is yet to be finalised,” a source close to the development told BusinessLine .

The sources declined to be identified, while Nereaparambil declined to comment. A CIAL spokesperson also declined to comment stating this will be an individual selling off his stake and has nothing to do with the company.

VJ Kurian (IAS), MD, CIAL, said he is unaware of the investor’s intent to sell.

CIAL - which started commercial operations on June 10, 1999, with an international flight to Dammam - is India’s first greenfield airport built with public-private partnership. It also had plans for go for an Initial Public Offering earlier, though this has now been put on the backburner, Kurian said.

“We’re building terminal 3 through internal accruals and by raising debt. We don’t need additional equity at the moment,” he added

The Kerala government holds a majority 32 per cent stake in the company, with the remaining held by Bharath Petroleum Corp Ltd, Housing and Urban Development Corporation, State Bank of Travancore, Air India and Federal Bank.

Individuals such as MA Yusuff Ali, Managing Director of UAE-based EMKE Group, and his immediate family members and a number of High Networth Individuals (HNIs) hold stake in CIAL.

Nereaparambil’s is a rag-to-riches story. Once a mechanic, now a businessman, shot to fame after being one of the largest private owners within Burj Khalifa, the world's tallest structure.

Now his Geo Group, employs more than 1,000 personnel with presence across businesses ranging from air-conditioning and trading to real estate.

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