The Mauritius-based subsidiaries of Fairfax India Holdings Corp and Fairfax Financial Holdings Ltd will collectively acquire 33% of the equity of Bangalore International Airport Ltd (BIAL) from Bangalore Airport & Infrastructure Developers, a subsidiary of GVK Power and Infrastructure.
The transaction is valued at approximately USD321 million, with completion expected by mid-2016.
BIAL owns and operates the Kempegowda International in Bengaluru, the first airport in India to be built by a public-private partnership.
Today, GVK Group is the largest shareholder in BIAL with a 43% stake, followed by Siemens Project Ventures (26%). Government-owned Airport Authority of India and Karnataka State Industrial Investment & Development Corp Ltd hold 13% each, while Flughafen Zurich has 5%.....Read more in Janes Airports Review