BIAL is the operator of the Kempegowda International Airport. 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. Experience Bangalore Airport, the world's best airport and destination in itself. GVK Power and Infrastructure Ltd announced its plans to sell 33% stake in Bangalore International Airport Ltd to Fairfax India Holdings Corp. and … 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. In February, the Jaypee Group sold its cement business to UltraTech Cement Ltd for ₹ 16,500 crore, allowing the latter to consolidate its leadership position in the cement sector. “The infrastructure major received multiple offers, from which the Fairfax Group was selected," the statement said. 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. 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 … Reddy and G. V. Sanjay Reddy in the outstanding work that they have done to develop Kempegowda International Airport to its current stature," he said. 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. The two airports together account for passenger traffic of about 43 million during 2011-2012. “The positive thing is there is action due to pressure from banks and the regulator. Chat Process - Ahmedabad (international Non Voice) - Telephonic Interview, Program Coordinator, Executive and more! 1,290 crore (about $200 million). Bangalore International Airport has grown significantly with a focus on passenger convenience and comfort. Ouroboros Digital Private Limited. Goldman Sachs and DSP Merrill Lynch are the financial advisors to GVK; Cyril Amarchand Mangaldas is the legal advisor. Join the Digital Revolution! 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. Tel: +91-8066782425 | Fax: +91-8066783366 Oops! The bidders, which include German airport operator AviAlliance, are likely to submit binding offers by January-end, people directly familiar with the matter said. It'll just take a moment. Reddy, founder chairman and managing director, GVK. “We chose Fairfax as a partner in Bangalore International Airport as we have a long-standing relationship with its chairman Prem Watsa and we would look forward to partnering with them in developing Kempagowda International Airport through its next stage of expansion as we develop a new world class Terminal 2 and a new runway," said G.V.K. He’s modelled his investment style and strategy after value investor Warren Buffett. The Prem Watsa-backed Fairfax has bought a 33 per cent stake in Bangalore International Airport Ltd for Rs 2,149 crore from GVK Power and Infrastructure, which is selling assets to pare debt. Further, with the acquisition of Kempegowda International Airport (KIA) in Bengaluru. However, just getting ₹ 2,000 crore does not help the issue. Rs2,149 crore deal with Prem Watsa's Fairfax for a 33% stake in Bengaluru airport operator will reduce GVK Power's debt by Rs2,000 crore. BIAL was awarded the mandate to modernize the Bengaluru International Airport in July 2004. Bangalore Airport and Infrastructure Developer (BAIDPL) purchase 5,38,44,000 equity shares of Rs 10 each for Rs 613.82 crore. It was incorporated on 10 June, 2005 and is located in Secunderabad, Telangana. 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. 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. “This is a partnership between Fairfax and GVK. It was started as a weekly in 1878 and became a daily in 1889. It is also taking up the expansion of the airport and related infrastructure. Amritha Pillay in Mumbai and Bloomberg contributed to this story. GVK has become one of the largest airport operators in the country handling a combined traffic of over 60 mppa at these two airports. On completion of the deal, GVK Power and Infrastructure’s debt will decline by ₹ 2,000 crore and its interest costs will drop by some ₹ 300 crore a year, the Hyderabad-based group said in a statement. With this acquisition, GVK’s stake in Bangalore International Airport (BIAL) has been increased to 43 percent from 29 percent. I see that as a tangible action on the corporate’s part. 11,503 Gvk Bangalore International Airport,india jobs available in Bengaluru, Karnataka on Indeed.com. Share your Story. Watsa said Fairfax Financial and Fairfax India will work closely with other shareholders of BIAL. State-owned Airport Authority of India and Karnataka State Industrial and Infrastructure Development Corporation hold 13% each. Watsa, 65, founded Toronto-based Fairfax in 1985. Remove some to bookmark this image. 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. 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 … GVK Power sacrifices returns for liquidity. The biennial show is being conducted at the nearby Yelahanka Air Force Station and as always Bangalore Airport suspends operations during rehearsals and the show days. We LOVE Hyderabad. Bhaskar Bodapati is the Senior Director of Finance and Support Services at BIAL. Meantime, asset sales by highly indebted groups have created buying opportunities for new and existing investors. GVK also considered an initial public offer for its airport holding company, but held back because of poor market conditions. Get flight status, exicting shopping deals and travel guide, and more! GVK sells stake in Bangalore International Airport to Fairfax 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 Bangalore airport is a prize asset. 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. According to the October 2015 edition of Credit Suisse’s House of Debt report, the GVK Group had consolidated debt of about ₹ 34,000 crore at the end of fiscal 2015. In April 2015, Lanco Infratech Ltd completed the sale of its Udupi power plant to Adani Power Ltd for ₹ 6,300 crore. Read Notification And All Details Carefully Before Applying For Any Post. 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. You are now subscribed to our newsletters. Bangalore airport will partially close operations from 14th – 24th February due to the upcoming Aero India show. 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. 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. Siemens Project Ventures GmbH holds a 26% stake in the airport and Flughafen Zurich AG 5%. In case you can’t find any email from our side, please check the spam folder. Click here to read the Mint ePaperMint is now on Telegram. Bangalore Airport and Infrastructure Developer (BAIDPL) purchase 5,38,44,000 equity shares of Rs 10 each for Rs 613.82 crore. Copyright © HT Digital Streams Limited All rights reserved. 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. We unveil untold stories, unsung pioneers, and unrecognized heroes of Hyderabad. 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