GVK Power and Infrastructure Limited (GVKPIL), on June 2, 2017, said that it has decided to exit from Bangalore International Airport Limited (BIAL), by selling its 10 per cent stake to Fairfax India Holdings Corporation, for Rs 1,290 crores (approximately USD 200 million). According to a release, the transaction is expected to be completed by early July 2017 and the sale proceeds will be used for reducing the debt component of GVK Group.
See also: GVK Group wins bid for Navi Mumbai International Airport
In March 2017, GVK closed a deal that was signed in March 2016 with Fairfax India, to sell a 33 per cent stake in BIAL, while retaining a 10 per cent stake and management of the company. “Notwithstanding this sale, the airport sector will continue to be a focus area for GVK. Our immediate focus will be the Mumbai and Navi Mumbai airports and on selectively evaluating privatisation opportunities,” GVK Reddy, founder chairman and managing director of GVKPIL said.
He said the reduced debt burden, will give the group flexibility and releases management bandwidth, to focus on other projects.
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