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GVK has consolidated its stake in Mumbai International Airport Pvt Ltd (MIAL) by buying out part of fellow investor Bid Services Division (Mauritius) Ltd's equity in the consortium that operates the Chhatrapati Shivaji International Airport, Mumbai. GVK announced on Wednesday that it increased its stake in MIAL to 50.5 per cent.
GVK Airport Holdings Private Ltd, a subsidiary of GVK Power & Infrastructure Ltd, bought 13.5 per cent stake from BSDM for $280 million (about Rs 1,260 crore). BSDM held 27 per cent stake in MIAL.
MIAL is a public-private partnership joint venture between GVK, BSDM, ACSA Global and Airports Authority of India (AAI). MIAL was awarded the mandate for operating and modernising the Chhatrapati Shivaji International Airport, in April 2006.
“We already had management control in MIAL. This acquisition will help us in consolidating our position further in the company,” said the MIAL Managing Director, Mr Sanjay Reddy.
Till now, GVK held 37 per cent stake in MIAL. “Upon completion of this transaction, GVK will lead the consortium with a stake of 50.5 per cent, BSDM will hold a 13.5 per cent stake, ACSA Global 10 per cent and AAI the remaining 26 per cent in MIAL,” said a statement from the company.
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