India's GVKPIL buys 17% stake in Bangalore airport

Singapore
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Indian conglomerate GVK Power & Infrastructure (GVKPIL) has acquired a 17% stake in Bangalore International Airport.

The company paid 6.9 billion rupees ($148 million) to acquire 65,382,000 shares from Indian engineering firm Larsen & Toubro through a wholly owned subsidiary, says GVKPIL.

The company had earlier acquired a 12% stake in the airport from Unique Zurich Airport in November through a wholly owned subsidiary as well.

With the two acquisitions, GVKPIL will own 29% of the airport. The other shareholders are Siemens (40%), the Airport Authority if India (13%), the state government of Karnataka (13%) and Unique Zurich Airport (5%).