In March 2017, Fairfax India completed the acquisition of a 38% interest in BIAL and, upon completion of this transaction, will own a combined 48% interest in BIAL.
BIAL owns and operates the Kempegowda International Airport Bengaluru (“KIAB”), under a concession agreement with the Government of India for a period of 30 years (with the right to renew the agreement for an additional 30 years). KIAB is the first airport in India built to the highest international standards by the private sector through a public-private partnership.
“We have great admiration for GVK, led by Dr. GVK Reddy and G V Sanjay Reddy, and the outstanding work that they have done to develop Kempegowda International Airport into a first-class airport,” said Prem Watsa, Chairman of Fairfax India and Chairman and CEO of Fairfax Financial Holdings Limited. “We look forward to working together with the other BIAL shareholders in the further expansion of the airport and we wish GVK the very best with their development of the Mumbai and Navi Mumbai airports.”
– See more at: http://www.fairfaxindia.ca/news/press-releases/press-release-details/2017/Fairfax-India-to-Acquire-Additional-10-Interest-in-Bangalore-International-Airport-Limited/default.aspx#sthash.yxL75oUl.dpuf
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