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India’s GVK ups stake in Bangalore airport

The Indian airport investor has acquired an additional 17% stake in the Bengaluru International Airport for INR6.86bn.

Indian infrastructure developer GVK Power and Infrastructure has acquired a 17 percent stake in Bengaluru International Airport for INR6.86 billion ($148 million; €99 million), upping its stake in the Bangalore airport to 29 percent.

The additional stake was acquired from L&T Infrastructure Development Projects, a subsidiary of Indian engineering group Larsen & Toubro, at INR105 per share, according to a GVK statement.

In November, GVK bought a 12 percent stake in the airport for INR4.85 billion from Flughafen Zuerich, which owns Switzerland’s Zurich Airport. Following the deal, Flughafen Zuerich retains a 5 percent stake and remains the operator of the airport, which has the capacity to handle 11 million passengers a year.

With the close of the transaction, Germany’s Siemens Project Ventures holds a 40 percent stake in Bengaluru International Airport, followed by the Airport Authority of India and the state of Karnataka, which each own a 13 percent stake.

GVK already operates India’s largest airport, the Chhatrapati Shivaji International Airport in Mumbai.

GVK has invested more than INR50 billion in infrastructure projects across India’s power, airport and road sectors. It also has interests in the country’s hotel, services and manufacturing sectors.