Fairfax India Holdings Corporation (TSX: FIH.U) has closed previously announced acquisition of 38% of the outstanding shares of Bangalore International Airport Limited (BIAL) for an aggregate consideration of approximately INR 25.22 billion or approximately US $385 million.
Of the 38 %, 33% was bought from Bangalore Airport & Infrastructure Developers Private Limited, which is a subsidiary of GVK Power & Infrastructure Ltd and 5% was bought from Flughafen Zürich AG.
Following the acquisition, Fairfax India becomes the largest shareholder of Bangalore International Airport Limited.
Bangalore International Airport Limited is a Public Limited Company formed to build, own and operate the Kempegowda International Airport (KIA). The Government of India has granted BIAL the right to operate the airport for 30 years, with the option to continue for another 30 years.
Prior to Fairfax India transaction, BIAL was owned by GVK 43%, Siemens Projects Ventures 26%, Flughafen Zurich AG 5%, Karnataka State Industrial & Infrastructure Development Corporation 13% and Airports Authority of India 13%.
photo credit: Bangalore International Airport