GVK Power raises stake in profitable Bengaluru Airport. Committed to domestic airport sector

India's GVK Power & Infrastructure has acquired 53.8 million shares, or 14% additional stake, in Bangalore International Airport (BIAL), operator of Bengaluru Airport, from partner Siemens Project Ventures at INR114/share. The INR6.2 billion (USD136 million) acquisition has made GVK the largest stakeholder in the airport with a 43% stake and values the airport at almost INR44.4 billion (USD972 million). [2053 words]

CAPA Members Login Username: Password: Remember details

Instantly get access to this article now for USD15.00. or If you've already bought this article, you can view it by typing your Article Key:

This report contains the following subheadings:

• Ownership change after lock-in period ended in Jun-2011
• Price premium of 8.5% compared to 2009 acquisition price
• Remaining 26% stake to come off lock-in in 2015. GVK to acquire this stake too.
• Strong set of financials for GVK in Jun-2011 quarter. Mumbai and Bangalore performing “exceedingly well”
• EBTIDA of USD21.5 million in Jun-2011 quarter for Bangalore. EBITDA margin of 66%
• T1 expansion commences amid continued traffic growth
• GVK increases stake in Mumbai Airport

This report contains the following charts and tables:

• Bangalore International Airport Ltd project highlights
• Bangalore International Airport Ltd project overview
• Bengaluru International Airport capacity (seats per week) by carrier (22-Aug-2011 to 28-Aug-2011)
• Mumbai International Airport Ltd overview
• GVK portfolio by asset size (project cost)
• Bangalore International Airport financial and operational highlights for 1QFY2012 (crore, mill)
• Bengaluru International Airport Passenger Numbers (2009 to 2011)
• Bengaluru International Airport Cargo Volume (2009 to 2011)
• Bengaluru International Airport Aircraft Movements (2009 to 2011)
• Mumbai International Airport financial and operational highlights for 1QFY2012 (crore, mill)
• Mumbai International Airport major retail licenses (crore, mill)