GVK acquires L&T's 17 pc stake in BIAL for Rs 686 cr
GVK Power & Infrastructure on Sunday said it has acquired 17 per cent stake in Bengaluru International Airport through a subsidiary from L&T Infrastructure Development Projects for Rs 686 crore.
By PTI |
MUMBAI: GVK Power & Infrastructure on Sunday said it has acquired 17 per cent stake in Bengaluru International Airport through a subsidiary from L&T Infrastructure Development Projects for Rs 686 crore.
"The acquisition was priced at Rs 105 per share. With this, GVK now hold 29 per cent stake in BIAL," GVK said in a release here.
GVK Power & Infrastructure (GVKPIL) had last month acquired Zurich Airport's 12 per cent stake in BIAL for Rs 484.60 crore.
"The acquisition of additional stake in BIAL is in line with our objective of expanding GVK's presence in the airports business," GVKPIL chairman and managing director G V Krishna Reddy said in the statement.
Siemens now holds 40 per cent stake in BIAL, while GVK 29 per cent, Zurich Airport five per cent and the remaining 26 per cent is equally held by the Karnataka government and Airports Authority of India.
"The acquisition was priced at Rs 105 per share. With this, GVK now hold 29 per cent stake in BIAL," GVK said in a release here.
GVK Power & Infrastructure (GVKPIL) had last month acquired Zurich Airport's 12 per cent stake in BIAL for Rs 484.60 crore.
"The acquisition of additional stake in BIAL is in line with our objective of expanding GVK's presence in the airports business," GVKPIL chairman and managing director G V Krishna Reddy said in the statement.
Siemens now holds 40 per cent stake in BIAL, while GVK 29 per cent, Zurich Airport five per cent and the remaining 26 per cent is equally held by the Karnataka government and Airports Authority of India.
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