By Anshul Dhamija. The transaction, which will reduce GVK’s stake in the airport to 10%, is subject to customary closing conditions and third-party consent, including the agreement of creditors, and is expected to be completed by the middle of 2016. Bhaskar Bodapati is the Senior Director of Finance and Support Services at BIAL. In February, the Jaypee Group sold its cement business to UltraTech Cement Ltd for ₹ 16,500 crore, allowing the latter to consolidate its leadership position in the cement sector. Your session has expired, please login again. GVK made its foray into the aviation sector when it bagged the mandate to operate, manage and develop GVK Chhatrapati Shivaji Maharaj International Airport (GVK CSMIA) in Mumbai. We unveil untold stories, unsung pioneers, and unrecognized heroes of Hyderabad. GVK checks out of Bengaluru airport Its exit sees the airport's valuation rise by 98 percent, in just 15 months, to Rs 12,900 crore. Reddy and G. V. Sanjay Reddy in the outstanding work that they have done to develop Kempegowda International Airport to its current stature," he said. GVK's airport subsidiary plans to raise Rs 1,500 cr via IPO this year: sources 08 Aug, 2014, 02.00 PM IST Last year, the company had plans to sell a part of its stake in the profitable Bangalore Airport to wealth funds to raise money. It is owned and operated by Bengaluru International Airport Limited (BIAL), a public–private consortium. The Bangalore airport is a prize asset. “We have great admiration for GVK led by G.V.K. Mumbai: GVK Airport Services, which operates Mumbai and Bangalore international airports, has short-listed five bidders to sell up to 49% for raising Rs 4,000 crore. Have your coffee and eat your cup too at this Hyderabad café! Bangalore Airport and Infrastructure Developer Private Ltd, a subsidiary of GVK Power and Infrastructure Ltd, today acquired about 14 percent stake in Bangalore International Airport Ltd from Siemens Project Ventures GmbH for Rs 613.82 crore. With this acquisition, GVK’s stake in Bangalore International Airport (BIAL) has been increased to 43 percent from 29 percent. Join the Digital Revolution! The money raised is even more insignificant when compared with the ₹ 7.33 trillion in debt that these firms had as of March 2015. He’s modelled his investment style and strategy after value investor Warren Buffett. According to the October 2015 edition of Credit Suisse’s House of Debt report, the GVK Group had consolidated debt of about ₹ 34,000 crore at the end of fiscal 2015. Goldman Sachs and DSP Merrill Lynch are the financial advisors to GVK; Cyril Amarchand Mangaldas is the legal advisor. GVK's foray into the aviation sector began with the modernization of Chhatrapati Shivaji International Airport (CSIA) in Mumbai. GVK Airport Developers owns 50.5% of MIAL, Bidvest holds 13.5% and ACSA owns 10%. “This is a partnership between Fairfax and GVK. In April 2015, Lanco Infratech Ltd completed the sale of its Udupi power plant to Adani Power Ltd for ₹ 6,300 crore. Log in to our website to save your bookmarks. Experience Bangalore Airport, the world's best airport and destination in itself. Please enter your username or email address to reset your password. Krishna Reddy, Chairman, GVKPIL, said: “GVK has been a frontrunner in the development of airports taking up both Mumbai and Bangalore. It is also taking up the expansion of the airport and related infrastructure. It'll just take a moment. The 10 entities listed in the House of Debt report are Reliance Group, Lanco Group, Jaypee Group, GMR Group, Videocon Group, GVK Group, Essar group, Adani Group, JSW Group and Vedanta Group. Infrastructure major GVK Ltd on Friday exited Bangalore airport by selling its residual 10 per cent equity stake in the Bangalore International Airport Ltd (BIAL) consortium to Canadian investment firm Fairfax for Rs 1,290 crore ($200 million). GVK Power and Infrastructure Ltd announced its plans to sell 33% stake in Bangalore International Airport Ltd to Fairfax India Holdings Corp. and … Bangalore International Airport Ltd (BIAL), the biggest Fairfax investment in India, runs the country’s third-busiest airport by the number of passengers handled annually. Get flight status, exicting shopping deals and travel guide, and more! Lenders to Jaypee Group had been pushing for the sale of its cement assets in a bid to reduce the group’s overall debt of over ₹ 75,000 crore. 11,503 Gvk Bangalore International Airport,india jobs available in Bengaluru, Karnataka on Indeed.com. It is classified as a public limited company. With this […] GVK also considered an initial public offer for its airport holding company, but held back because of poor market conditions. GVK Power and Infrastructure, which operates the Mumbai International Airport (MIAL), has decided to sell the remaining 10 per cent stake that it owns in Bangalore International Airport (BIAL) to Fairfax India Holdings Corporation for Rs 1,290 crore. Ltd, a corporate turnaround firm. Executive Assistant, Learning and Development Associate, Sales Representative and more! Spread over 4,000 acres (1,600 ha), it is located about 30 kilometres (19 mi) north of the city near the suburb of Devanahalli. Debt burdened GVK Power and Infrastructure Ltd will sell the last of its stake in Bengaluru International Airport Ltd. (BIAL), approximately ten per cent, to Fairfax India Holdings, for Rs. BIAL is the operator of the Kempegowda International Airport. Having joined the management of the Bangalore International Airport Limited in May 2010, Bhaskar currently chairs the Executive Committee of the airport on behalf of the Managing Director and is responsible for the Financial and Accounting functions of the airport. Rs2,149 crore deal with Prem Watsa's Fairfax for a 33% stake in Bengaluru airport operator will reduce GVK Power's debt by Rs2,000 crore. Looks like you have exceeded the limit to bookmark the image. GVK has become one of the largest airport operators in the country handling a combined traffic of over 60 mppa at these two airports. It was started as a weekly in 1878 and became a daily in 1889. 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