GVK Airport Holdings Private Limited (GAHPL), a step-down subsidiary of GVK Power & Infrastructure Limited, on Wednesday signed a share purchase agreement with Bid Services Division (Mauritius) Limited (BSDM) to buy a 13.5 per cent stake in Mumbai International Airport Pvt Ltd (MIAL).
As a result, the equity shareholding of GVK in MIAL will increase to 50.5 per cent from the existing 37 per cent after acquiring 10.80 crore equity shares. This agreement is subject to regulatory and other approvals. MIAL is a public-private partnership joint venture between GVK, BSDM, ACSA Global and Airports Authority of India (AAI). MIAL was awarded the mandate for operating and modernising Chhatrapati Shivaji International Airport, Mumbai (CSIA) in April 2006.
Upon completion of this transaction, GVK will lead the consortium with a stake of 50.5 per cent, BSDM will hold a 13.5 per cent stake, ACSA Global 10 per cent and AAI the remaining 26 per cent in MIAL.
According to G. V. Krishna Reddy, Chairman, GVKPIL, “The Chhatrapati Shivaji International Airport, Mumbai, is GVK's first and flagship airport project in India. As part of our overall stated objective of consolidating our presence in the airports sector in India, we have taken this significant step of increasing our shareholding in MIAL. This signifies our commitment to the airports sector and further reinforces our vision of transforming CSIA into a world-class airport.” GVK operates two key airports, the Chhatrapati Shivaji International Airport, Mumbai, and the Bangalore International Airport and has emerged as India's largest airport operator in the private sector.
MIAL has brought about a number of changes at CSIA since taking over airport operations in 2006.
It is currently implementing a master plan which includes building a new integrated passenger terminal with latest infrastructure and facilities.
GVK to hike stake in Mumbai Airport
Thursday, March 03, 2011
nithu
