GVK Power & Infrastructure has divested 33% of its stake in Bangalore International Airport (BIAL) from its wholly-owned subsidiary, Bangalore Airport & Infrastructure Developers, to Fairfax India Holdings Corporation. The divestment was made through its wholly-owned subsidiary in Mauritius for Rs 2,202 crore.
It may be recalled that the company had first announced the stake sale deal with Fairfax in March 2016, while it took one full year to complete the process owing to delay in foreign direct investment (FDI) clearances among other things. Post sale, GVK group would have 10% stake in this profit-making airport asset.
GVK Power and Infrastructure is an infrastructure development company. It engages in infrastructure and urban infrastructure projects. The company provides operation and maintenance services, manpower and consultancy services, and incidental services to owners of power plants, airports and infrastructure companies.