News  NEWS

GVK Power sells 33% stake in BIAL for Rs 2,202 crore

834 times viewed
Source: The Economic Times
Saturday, March 25, 2017

 NEW DELHI: GVK Power & Infrastructure today said that it has divested 33 per cent stake in the Bangalore International Airport to FIH Mauritius and Fairfax India Holdings for Rs 2,202 crore to bring down its debt level. 


The move would help the company to deleverage its balance sheet and to bring down our debt level, the company said in a statement. 

Post divestment, G V Sanjeev Reddy would continue to be Managing Director of BIAL and GVK Reddy as Co-Chairman of the company, the statement said. 

"We have obtained all the necessary consents / approvals as may be required including from the lenders and also followed the process in the BIAL shareholders agreement for the sale of 33 per cent stake in Bangalore International Airport Limited to FIH Mauritius Investments and Fairfax India Holdings Corporation," GVK Power & Infrastructure said. 

It further added: "Now this sale transaction is completed in all respects."
 

Commenting on the development GVK Reddy said: "We reiterate that our primary focus on deliveraging our balance sheet and all proceeds from this stake sale shall be used to bring down our debt obligations to our lenders."
 
He further added: "We took forward to partnering with Fairfax and working with all the stakeholders in developing the Kempegowda International Airport through its next stage of expansion". 


Comments:



Post Your Comment:

Name:*
    
E-mail:*
    
Comments:*
    


Also Read:

»

Essar-Rosneft's $13 billion mega deal red-flagged by home ministry and IB

»

Insolvency proceedings for stressed accounts may lead to consolidation in the steel sector

»

Steel Minister rules out SAIL taking over Monnet Ispat

»

Steel lobby seeks changes to stressed assets scheme

»

Reliance Industries, BP withdraw gas price arbitration against government

»

Finance Ministry rejects Rs 20,000-crore plan for local solar equipment firms

»

Relax, GST won't impact your power bills next month

»

Haryana waives off intra-state wheeling charges to promote renewable energy

»

EESL scouts international partners to implement clean energy programmes

»

Russia's Rosneft CEO says takeover of India's Essar is closed

News  NEWS ARCHIVE
   
Home | Recent News | Privacy Policy | Disclaimer | Feedback | Sitemap | Contact Us

© Copyright Power Hub 2012-2014, All rights reserved.