GVK seeking bigger slice of Bangalore and Mumbai Airports

Bangalore International Airport Ltd (BIAL) announced a major ownership change in early Dec-2009, with GVK Power & Infrastructure Ltd (GVKPIL) acquiring Larsen & Toubro’s 17% stake in the airport operator. The acquisition, valued at USD2.28 per share, totalled USD149.1 million and increased GVKPIL’s stake in BIAL to 29%. This values BIAL at USD877.1 million. [818 words]

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This report contains the following subheadings:

• Bengaluru Airport reports third consecutive month of domestic traffic growth
• GVKPIL expanding “presence in the airports business”, interested in a larger stake of Mumbai Airport
• Mumbai Airport reports strong domestic traffic growth, international traffic disappoints
• New Airports Economic Regulatory Authority considering rise in development fees at Bangalore and Mumbai

This report contains the following charts and tables:

• Bangalore International Airport passenger traffic growth (% change year-on-year): Sep-2008 to Sep-2009
• Mumbai International Airport passenger traffic growth (% change year-on-year): Sep-2008 to Sep-2009