|
|
Article: India: GVK buys 12% in Bangalore airport, wants majority stake.
- Article from:
- TendersInfo
- Article date:
- November 7, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: kusumv03
Mumbai-based GVK Power and Infrastructure Ltd, which holds a majority stake in the Mumbai airport, bought a 12% stake in Bangalore International Airport Ltd (Bial) for Rs484.6 crore, valuing the country s third largest airport by passengers at about $1 billion a year after the facility began operations.
GVK said it will buy more shares as part of its plan to take control of the south Indian airport. Our intention is to have a majority stake and management control as and when we get that opportunity, G.V. Sanjay Reddy, vice-chairman, GVK Power and Infrastructure, told Mint from Hyderabad where the group is based. We want to bring visible ...