GVK completes Rs 2,200-cr stake sale in Bangalore Airport project

GVK Power and Infrastructure on Friday announced that it has completed the stake sale in Bangalore International Airport Project (BIAL).

It has divested 33 per cent of its stake in Bangalore Airport and Infrastructure Developers — wholly owned subsidiary of BIAL — to Fairfax India Holdings Corporation, for an aggregate amount of Rs 2,202 crore ($336.18 million).

It may be recalled that the company had first announced the stake sale deal with Fairfax in March 2016, while it took one full year to complete the process owing to delay in foreign direct investment (FDI) clearances among other things. Post sale, GVK group