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Terminal decline: How GVK group's infra bets cost it Mumbai airport biz

While the group hadn't built on its airport assets, its entry into coal, power and roads was the proverbial last straw that saw its lose its crown jewel in Mumbai

Topics
GVK Group | Mumbai airport | Mial

Aneesh Phadnis & Amritha Pillay  |  Mumbai 

2012 was a special year for G V Krishna Reddy as he celebrated 50 years of his business enterprise. A year earlier Reddy, who began his career as an irrigation works contractor in his native Andhra Pradesh, acquired an additional 14 per cent stake in Bangalore airport, making him the largest shareholder with a 43 per cent stake.

The same year he took another bold bet, buying three coal mines in Australia in a $1.26 billion deal. Though there were a few black clouds such as the disruption of gas supplies to its power plants, the mood in the GVK group was optimistic as it scouted for ...

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First Published: Tue, September 01 2020. 17:41 IST
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