GVK exits B'luru airport, sells residual 10% stake to Fairfax
GVK Power & Infrastructure on Thursday exited the Bengaluru airport by selling its residual 10 per cent stake to Canadian NRI businessman Prem Watsa's Fairfax India Holdings Corporation for Rs 1,290 crore.
Now Watsa owns 48 per cent in the third busiest airport in the country and GVK, which built the greenfield project, exits the airport. The remaining stake is held by Siemens Project Ventures with 26 per cent and the Airport Authority and Karnataka State Industrial and Infrastructure Development Corporation hold 13 per cent each.
On March 24, 2017, the billionaire businessman increased his stake in the airport by 5 per cent by picking it up from Flughafen Zurich AG, taking his total holding to 38 percent.
In March this year, GVK had closed an agreement signed in March 2016 with Fairfax India to sell a 33 per cent stake in the Kempegowda International Airport for Rs 2,202 crore, but retained a 10 per cent stake and management control.