GVK Power and Infrastructure, which operates the Mumbai International Airport (MIAL), has decided to sell the remaining 10 per cent stake that it owns in Bangalore International Airport (BIAL) to Fairfax India Holdings Corporation for Rs 1,290 crore. “The infrastructure major received multiple offers, from which the Fairfax Group was selected," the statement said. GVK Power and Infrastructure shares rose 6.43% to ₹ 7.12 on the BSE on a day the exchange’s benchmark Sensex fell 1.46% to 24,966.40 points. Reddy, founder chairman and managing director, GVK. The completion of the acquisition of the additional 14 percent stake in BIAL helps us further consolidate Bengaluru International Airport as the leading airport destination in southern India. Your session has expired, please login again. GVK Power and Infrastructure Ltd announced its plans to sell 33% stake in Bangalore International Airport Ltd to Fairfax India Holdings Corp. and … GVK also considered an initial public offer for its airport holding company, but held back because of poor market conditions. Copyright © HT Digital Streams Limited All rights reserved. Mumbai: GVK Power and Infrastructure Ltd has agreed to sell a 33% stake in Bangalore International Airport Ltd (BIAL) to India-born Canadian billionaire Prem Watsa’s Fairfax India Holdings Corp. and Fairfax Financial Holdings Ltd for ₹ 2,149 crore, seeking to raise money to repay debt. Debt burdened GVK Power and Infrastructure Ltd will sell the last of its stake in Bengaluru International Airport Ltd. (BIAL), approximately ten per cent, to Fairfax India Holdings, for Rs. Ouroboros Digital Private Limited. "We have decided to part ways with BIAL as … Published: Jun 3, 2017 10:03:23 AM IST . Watsa, 65, founded Toronto-based Fairfax in 1985. Get flight status, exicting shopping deals and travel guide, and more! Executive Assistant, Learning and Development Associate, Sales Representative and more! 7,614 crore in its airports holding company GVK step down subsidiary awards a Major EPC Contract to L&T Construction for the Navi Mumbai International Airport GVK led NMIAL announces financial closure for the Navi Mumbai International Airport Project However, just getting ₹ 2,000 crore does not help the issue. The airport opened in May 2008 as an alternative to increased congestion at HAL Airport, the original primary comm… GVK has become one of the largest airport operators in the country handling a combined traffic of over 60 mppa at these two airports. Bangalore Airport and Infrastructure Developer Private Ltd, a subsidiary of GVK Power and Infrastructure Ltd, today acquired about 14 percent stake in Bangalore International Airport Ltd from Siemens Project Ventures GmbH for Rs 613.82 crore. GVK's airport subsidiary plans to raise Rs 1,500 cr via IPO this year: sources 08 Aug, 2014, 02.00 PM IST Last year, the company had plans to sell a part of its stake in the profitable Bangalore Airport to wealth funds to raise money. Mumbai: GVK Airport Services, which operates Mumbai and Bangalore international airports, has short-listed five bidders to sell up to 49% for raising Rs 4,000 crore. GVK Airport Developers owns 50.5% of MIAL, Bidvest holds 13.5% and ACSA owns 10%. 11,503 Gvk Bangalore International Airport,india jobs available in Bengaluru, Karnataka on Indeed.com. I see that as a tangible action on the corporate’s part. GVK Power and Infrastructure said on Monday it will divest a 33% stake in Bangalore International Airport (BIAL) to Canadian investor Prem Watsa-led … Bengaluru: Infrastructure major GVK Ltd on Friday announced selling 33 per cent of its 43 per cent equity stake in the Bangalore International Airport Ltd … The current status of Gvk Airport Developers Limited is - Active. It is owned and operated by Bengaluru International Airport Limited (BIAL), a public–private consortium. Bangalore Airport and Infrastructure Developer (BAIDPL) purchase 5,38,44,000 equity shares of Rs 10 each for Rs 613.82 crore. Bangalore International Airport has grown significantly with a focus on passenger convenience and comfort. Please enter your username or email address to reset your password. Further, with the acquisition of Kempegowda International Airport (KIA) in Bengaluru. Looks like you have exceeded the limit to bookmark the image. Airport Careers India Gvk Airport Careers Andheri Airport Job Vacancy Gvk Lounge Careers Airport Job In Mumbai For 12Th Pass Airport Job In Mumbai For 10Th Pass Jobs In Mumbai Airport Back Office Jobs In Mumbai Domestic Airport Apply Below Free. Share your Story. In case you can’t find any email from our side, please check the spam folder. Create an Impact. Read Notification And All Details Carefully Before Applying For Any Post. GVK to exit from Bengaluru airport project With the aim of reducing its overall debt, GVK Power and Infrastructure Limited has decided to offload its 10 per cent stake in Bangalore International Airport Limited, to Fairfax India Holdings Corporation, for Rs 1,290 crores The group has been attempting to reduce debt for some time now and has looked at various options. Click here to read the Mint ePaperMint is now on Telegram. MIAL, in turn, owns 74% of the planned Navi Mumbai International Airport Ltd, while the rest is held by local nodal body City and Industrial Development Corp (Cidco). Consume the best of the best and experience Hyderabad in its truest form. The 10 debt-heavy corporate groups listed in the Credit Suisse report have sold and announced the sale of assets adding up to ₹ 1.33 trillion since 2012, according to a 16 March Mint report. Remove some to bookmark this image. Skootr leases 3.25 lakh sqft office space in Hyderabad, Hyderabad’s Bowenpally market’s vegetable waste generates electricity, biofuel, Digital Marketing Partner - Infinity Reach. GVK checks out of Bengaluru airport Its exit sees the airport's valuation rise by 98 percent, in just 15 months, to Rs 12,900 crore. The money raised is even more insignificant when compared with the ₹ 7.33 trillion in debt that these firms had as of March 2015. GVK Power sacrifices returns for liquidity. You are now subscribed to our newsletters. The Hindu is an English-language daily newspaper owned by The Hindu Group, headquartered in Chennai, Tamil Nadu, India. Reddy will continue as co-chairman of BIAL," Watsa added. Ltd, a corporate turnaround firm. © 2021 Hyderabad Stories Digital Marketing Partner - Infinity Reach The transaction, which will reduce GVK’s stake in the airport to 10%, is subject to customary closing conditions and third-party consent, including the agreement of creditors, and is expected to be completed by the middle of 2016. GVK Power & Infrastructure Ltd’s subsidiary Bangalore Airport & Infrastructure Developers Ltd acquired 17 percent equity stake of L&T Infrastructure Development Projects Ltd and 12 percent stake of Zurich airport in 2009-10 and 14 percent from Siemens in … GVK made its foray into the aviation sector when it bagged the mandate to operate, manage and develop GVK Chhatrapati Shivaji Maharaj International Airport (GVK CSMIA) in Mumbai. GVK sells stake in Bangalore International Airport to Fairfax With this […] Log in to our website to save your bookmarks. The Bangalore airport is a prize asset. Oops! BIAL owns and operates the Kempegowda International Airport Bengaluru whcih started operations in May 2008. He’s modelled his investment style and strategy after value investor Warren Buffett. It was started as a weekly in 1878 and became a daily in 1889. Fairfax bought majority shareholding in it from GVK Power NSE -1.56 % and Infra through several deals since last year. Kempegowda International Airport (IATA: BLR, ICAO: VOBL) is an international airport serving Bangalore, the capital of the Indian state of Karnataka, in the Southern part of India. GVK Power and Infrastructure has decided to sell 33 per cent of its stake in Bangalore International Airport Ltd (BIAL) to Fairfax India, promoted by Prem Vatsa, for Rs 2,149 crore. The amount raised through assets sales is only 20% of the ₹ 6.52 trillion in total debt on the books of these groups as of March 2013. SpiceJet ties-up with GMR Hyderabad Air Cargo for storage, Hyderabad airport wins Airports Council International recognition, Air India’s non-stop Hyderabad-Chicago flight from Jan 15, GMR Hyderabad Air Cargo gets ready to handle export, import of Covid-19 vaccines, GVK beats GMR bid to build Rs 16,000 crore Navi Mumbai airport, IIIT-Hyderabad launches Project Indic Wiki, Meet Adilaxmi: Telangana’s only woman mechanic. Infrastructure major GVK Ltd on Friday exited Bangalore airport by selling its residual 10 per cent equity stake in the Bangalore International Airport Ltd (BIAL) consortium to Canadian investment firm Fairfax for Rs 1,290 crore ($200 million). “Moreover, we believe that this strategic transaction will be very crucial to the next phase of growth of Bengaluru International airport.”. Mr. G.V. Meantime, asset sales by highly indebted groups have created buying opportunities for new and existing investors. Debt levels have risen rather than fallen over the last three years and the debt-servicing ability of many of these firms has also deteriorated, Credit Suisse said in the October edition of the report. GVK’s subsidiary GVK Airport Developers is already the majority owner with 50.5% stake in MIAL, but Reddys are on the edge as fellow businessman Gautam Adani is … There has to be a holistic solution at the group level from both banks and the borrowers," said Nirmal Gangwal, founder of Brescon Corporate Advisors Pvt. We will work closely with all stakeholders to manage our stake in Bangalore International Airport Ltd going forward, and will support Sanjay Reddy to continue to lead the management team as managing director of BIAL and G.V.K. Tel: +91-8066782425 | Fax: +91-8066783366 Having joined the management of the Bangalore International Airport Limited in May 2010, Bhaskar currently chairs the Executive Committee of the airport on behalf of the Managing Director and is responsible for the Financial and Accounting functions of the airport. GVK Group to fly out of Bengaluru airport Car sales steady in May, though GST uncertainty may impact June numbers Upskilling India, transforming lives: … GVK would sell its stake, held by its unit Bangalore Airport Infrastructure Developers Private Limited, and the proceeds would be used for reducing GVK's debt obligations, the company said. GVK, which also runs the Chhatrapati Shivaji International Airport in Mumbai, considered selling a stake in its airport holding company but could not close the deal because of differences in valuation. Lenders to Jaypee Group had been pushing for the sale of its cement assets in a bid to reduce the group’s overall debt of over ₹ 75,000 crore. 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