GVK Airport increases stake in MIAL to over 50%

MUMBAI: GVK Airport Holdings today said it has acquired 13.5 per cent stake in Mumbai International Airport for USD 231 million from Bid Services Division (Mauritius).

With this acquisition, the share-holding of GVK Airport in Mumbai International Airport (MIAL) has increased to 50.5 per cent from the current 37 per cent, the company said in a statement issued here.

The company has acquired 10,80,00,000 equity shares of Rs 10 each and with this MIAL has now become a subsidiary of GVK Airport.

GVK Airport is a subsidiary of GVK Power and Infrastructure.

"The Chhatrapati Shivaji International Airport is our first and flagship airport project in India. With the completion of this acquisition process, GVK will have a majority control in one of India's largest and prestigious infrastructure projects.

It also underscores our long-term commitment and strategic interest in the airport sector in India," GVK Power and Infrastructure Chairman G V Krishna Reddy said.

MIAL was awarded the mandate for operating and modernising the Chhatrapati Shivaji International Airport, Mumbai (CSIA) in April, 2006.

GVK operates two key airports - the CSIA and the Bengaluru International Airport in Bangalore. The two airports, together account for passenger traffic of about 43 million for FY 2012, the release added.