GVK Power buys L&T's 17 per cent BIAL stake

Hyderabad-headquartered infrastructure developer, GVK Power and Infrastructure Ltd (GVKPIL), on Sunday acquired the entire stake of 17 per cent held by L&T Infrastructure Development Projects Ltd in Bengaluru International Airport Ltd (BIAL) for a total consideration of Rs 686 crore.

The acquisition, made through GVK Group’s wholly-owned subsidiary, GVK Airport Developers, was priced at Rs 105 per share. With this, GVKPIL will hold 29 per cent in BIAL.

Siemens holds the largest stake in BIAL, at 40 per cent, while the Airports Authority of India and Karnataka State Industrial Investment and Development Corporation (KSIIDC), the financing arm of the Karnataka government for infrastructure projects, hold 13 per cent each.

“The acquisition of additional stake in BIAL is in line with our objective of expanding GVK’s presence in the airports business. As BIAL embarks on the next phase of expansion, we wish to partner with all stakeholders to ensure that Bengaluru International Airport further consolidates its position as the leading airport destination in southern India,” GVKPIL CMD G V Krishna Reddy stated.