A subsidiary of GVK Power & Infrastructure has acquired a 14% stake in Bangalore International Airport (BIAL) from Siemens, The Wall Street Journal reports. The buyer Bangalore Airport & Infrastructure Developers paid a total of $134 million for the acquisition.
The GVK Power unit bought 53.844 million shares from Siemens Project Ventures at $2.4 per share. Following the transaction, GVK will own a 43% stake in BIAL, while Siemens will hold 26%, adds India Infoline.
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