According to a release issued here the transaction is expected to be completed by early July 2017 and the sale proceeds will be used for reducing the debt component of GVK Group.
In March this year, GVK closed deal which was signed in March 2016 with Fairfax India to sell a 33 per cent stake in BIAL while retaining 10 per cent stake and management of the company.
He said the reduced debt burden will give the group the flexibility and releases management bandwidth to focus on other projects.
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