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. 56,838 Gvk Bangalore International Airport,india jobs available on Indeed.com. The report noted that profitability at GVK Power, in particular, remains weak. 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. Bangalore International Airport Limited Alpha 2, Administration Block Kempegowda International Airport Bengaluru Devanahalli - 560 300, India. Mumbai: GVK Power and Infrastructure Ltd has agreed to sell a 33% stake in Bangalore International Airport Ltd (BIAL) to India-born Canadian billionaire Prem Watsa’s Fairfax India Holdings Corp. and Fairfax Financial Holdings Ltd for ₹ 2,149 crore, seeking to raise money to repay debt. Reddy will continue as co-chairman of BIAL," Watsa added. The group has been attempting to reduce debt for some time now and has looked at various options. Published: Jun 3, 2017 10:03:23 AM IST . BIAL is the operator of the Kempegowda International Airport. BIAL owns and operates the Kempegowda International Airport Bengaluru whcih started operations in May 2008. Your session has expired, please login again. The biennial show is being conducted at the nearby Yelahanka Air Force Station and as always Bangalore Airport suspends operations during rehearsals and the show days. 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. In case you can’t find any email from our side, please check the spam folder. We unveil untold stories, unsung pioneers, and unrecognized heroes of Hyderabad. Fairfax bought majority shareholding in it from GVK Power NSE -1.56 % and Infra through several deals since last year. By Anshul Dhamija. “The positive thing is there is action due to pressure from banks and the regulator. Gvk Airport Developers Limited is an unlisted public company. Get flight status, exicting shopping deals and travel guide, and more! With this acquisition, GVK’s stake in Bangalore International Airport (BIAL) has been increased to 43 percent from 29 percent. There has to be a holistic solution at the group level from both banks and the borrowers," said Nirmal Gangwal, founder of Brescon Corporate Advisors Pvt. Ouroboros Digital Private Limited. Bangalore Airport and Infrastructure Developer (BAIDPL) purchase 5,38,44,000 equity shares of Rs 10 each for Rs 613.82 crore. Remove some to bookmark this image. Consume the best of the best and experience Hyderabad in its truest form. Bhaskar Bodapati is the Senior Director of Finance and Support Services at BIAL. The Bangalore airport is a prize asset. 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. MIAL, in turn, owns 74% of the planned Navi Mumbai International Airport Ltd, while the rest is held by local nodal body City and Industrial Development Corp (Cidco). Bangalore International Airport has grown significantly with a focus on passenger convenience and comfort. The bidders, which include German airport operator AviAlliance, are likely to submit binding offers by January-end, people directly familiar with the matter said. 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. Tel: +91-8066782425 | Fax: +91-8066783366 GVK signs binding agreements with ADIA, PSP Investments and NIIF for an investment of Rs. Amritha Pillay in Mumbai and Bloomberg contributed to this story. GVK Group to fly out of Bengaluru airport Car sales steady in May, though GST uncertainty may impact June numbers Upskilling India, transforming lives: … Mr. G.V. 1,290 crore (about $200 million). Executive Assistant, Learning and Development Associate, Sales Representative and more! The money raised is even more insignificant when compared with the ₹ 7.33 trillion in debt that these firms had as of March 2015. The Airports Authority of India (AAI) owns the remaining 26%. 11,503 Gvk Bangalore International Airport,india jobs available in Bengaluru, Karnataka on Indeed.com. SpiceJet ties-up with GMR Hyderabad Air Cargo for storage, Hyderabad airport wins Airports Council International recognition, Air India’s non-stop Hyderabad-Chicago flight from Jan 15, GMR Hyderabad Air Cargo gets ready to handle export, import of Covid-19 vaccines, GVK beats GMR bid to build Rs 16,000 crore Navi Mumbai airport, IIIT-Hyderabad launches Project Indic Wiki, Meet Adilaxmi: Telangana’s only woman mechanic. BENGALURU: Karnataka's Energy Minister D.K.Shivakumar has sought the intervention of Chief Minister Siddaramaiah to block any further sale of stake by the Hyderabad-based GVK Group in Bangalore International Airport Limited (BIAL). GVK’s subsidiary GVK Airport Developers is already the majority owner with 50.5% stake in MIAL, but Reddys are on the edge as fellow businessman Gautam Adani is … 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. The Hindu is an English-language daily newspaper owned by The Hindu Group, headquartered in Chennai, Tamil Nadu, India. Have your coffee and eat your cup too at this Hyderabad café! It is also taking up the expansion of the airport and related infrastructure. The completion of the acquisition of the additional 14 percent stake in BIAL helps us further consolidate Bengaluru International Airport as the leading airport destination in southern India. GVK Airport Developers, a subsidiary of GVK Power and Infrastructure, initiated a financing process last year to reduce its debt obligations, the infrastructure firm said. With this […] Create an Impact. Log in to our website to save your bookmarks. Please enter your username or email address to reset your password. The current status of Gvk Airport Developers Limited is - Active. 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. 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. It is classified as a public limited company. GVK would sell its stake, held by its unit Bangalore Airport Infrastructure Developers Private Limited, and the proceeds would be used for reducing GVK's debt obligations, the company said. Join the Digital Revolution! However, just getting ₹ 2,000 crore does not help the issue. BIAL was awarded the mandate to modernize the Bengaluru International Airport in July 2004. 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. You are now subscribed to our newsletters. Bangalore airport will partially close operations from 14th – 24th February due to the upcoming Aero India show. Looks like you have exceeded the limit to bookmark the image. 7,614 crore in its airports holding company GVK step down subsidiary awards a Major EPC Contract to L&T Construction for the Navi Mumbai International Airport GVK led NMIAL announces financial closure for the Navi Mumbai International Airport Project Goldman Sachs and DSP Merrill Lynch are the financial advisors to GVK; Cyril Amarchand Mangaldas is the legal advisor. “The infrastructure major received multiple offers, from which the Fairfax Group was selected," the statement said. We LOVE Hyderabad. GVK, which operates India’s two key airports — Mumbai and Bangalore — is India’s largest airport operator in the private sector. The amount raised through assets sales is only 20% of the ₹ 6.52 trillion in total debt on the books of these groups as of March 2013. 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. GVK sells stake in Bangalore International Airport to Fairfax The Prem Watsa-backed Fairfax has bought a 33 per cent stake in Bangalore International Airport Ltd for Rs 2,149 crore from GVK Power and Infrastructure, which is selling assets to pare debt. Most debt-heavy firms have been attempting to sell assets. BIAL owns and operates the Kempegowda International Airport in Bengaluru under a 30+30 year concession agreement from the Indian government. 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 levels have risen rather than fallen over the last three years and the debt-servicing ability of many of these firms has also deteriorated, Credit Suisse said in the October edition of the report. We will work closely with all stakeholders to manage our stake in Bangalore International Airport Ltd going forward, and will support Sanjay Reddy to continue to lead the management team as managing director of BIAL and G.V.K. It was started as a weekly in 1878 and became a daily in 1889. I see that as a tangible action on the corporate’s part. GVK's foray into the aviation sector began with the modernization of Chhatrapati Shivaji International Airport (CSIA) in Mumbai. This move comes barely within 24 hours of GVKPIL arm hiking stake in Mumbai International Airport Ltd, to 50.5 percent. "We have decided to part ways with BIAL as … Bengaluru: Infrastructure major GVK Ltd on Friday announced selling 33 per cent of its 43 per cent equity stake in the Bangalore International Airport Ltd … The airport opened in May 2008 as an alternative to increased congestion at HAL Airport, the original primary comm… Reddy, founder chairman and managing director, GVK. Meantime, asset sales by highly indebted groups have created buying opportunities for new and existing investors. Skootr leases 3.25 lakh sqft office space in Hyderabad, Hyderabad’s Bowenpally market’s vegetable waste generates electricity, biofuel, Digital Marketing Partner - Infinity Reach. Join Mint channel in your Telegram and stay updated with the latest business news. Experience Bangalore Airport, the world's best airport and destination in itself. GVK Power and Infrastructure shares rose 6.43% to ₹ 7.12 on the BSE on a day the exchange’s benchmark Sensex fell 1.46% to 24,966.40 points. “Debt/EBITDA (Earnings before interest, tax, depreciation and amortization) has increased to 32x, while debt-equity is now at 12.2x," said the report, adding that debt at the company had risen 10% in the last fiscal year. 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. Chat Process - Ahmedabad (international Non Voice) - Telephonic Interview, Program Coordinator, Executive and more! It was incorporated on 10 June, 2005 and is located in Secunderabad, Telangana. Watsa said Fairfax Financial and Fairfax India will work closely with other shareholders of BIAL. GVK Power & Infrastructure Ltd’s subsidiary Bangalore Airport & Infrastructure Developers Ltd acquired 17 percent equity stake of L&T Infrastructure Development Projects Ltd and 12 percent stake of Zurich airport in 2009-10 and 14 percent from Siemens in … Siemens Project Ventures GmbH holds a 26% stake in the airport and Flughafen Zurich AG 5%. In an announcement to the stock exchange the company said 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. GVK Power and Infrastructure Ltd announced its plans to sell 33% stake in Bangalore International Airport Ltd to Fairfax India Holdings Corp. and … The two airports together account for passenger traffic of about 43 million during 2011-2012. On completion of the deal, GVK Power and Infrastructure’s debt will decline by ₹ 2,000 crore and its interest costs will drop by some ₹ 300 crore a year, the Hyderabad-based group said in a statement. 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. He’s modelled his investment style and strategy after value investor Warren Buffett. 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