GVK Power eyes Bangalore, Mumbai Airports: Official

The company holds nearly 37% in MIAL and 29% in BIAL.

GVK Power and Infrastructure, today said it was open to acquire a majority stake in Mumbai and Bangalore International Airports if the target parties are willing to sell the stake.

“We are willing to increase the stake. We would like to have a majority stake, provided they are willing to sell,” Vice Chairman G V Sanjay Reddy told reporters here.

The company holds nearly 37 per cent stake in Mumbai International Airport Ltd (MIAL) and around 29 per cent in Bangalore International Airport Ltd (BIAL).

The company has plans to develop malls and hotels in around 200 acres near the Mumbai airport, over the next 10 years, Reddy added.

“A master plan for hospitality and realty projects has been drafted to develop 200 acres around MIAL,” he said. “The project is expected to be launched over the next six months.”

Reddy, however, did not divulge the planned investment in the project.

The project envisages the construction of malls and hotels (both in the budget and luxury segment) in the neighbourhood of the airport, Reddy said.