Indian infrastructure group GVK's airport division will raise its stake in Mumbai International Airport Limited (MIAL) to 64%.
In a filing on the Indian stock exchange, GVK says it will acquire 162 million shares from Bid Services Division Mauritius Limited (Bidvest) for Rs12.5 billion ($187 million), increasing its stake in MIAL from 50.5% to 64% when the deal is complete.
GVK says it has exercised its right under “Right of First Refusal” to acquire the shares from Bidvest.
MIAL operates the Mumbai Chhatrapati Shivaji International airport, as well as the upcoming Navi Mumbai airport.
The latter is scheduled to come online in 2021, and is seen as a capacity reliever to the overcrowded city.