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Thursday, April 8, 2010

GVK Power ready to buy majority stake in MIAL, BIAL

GVK Power and Infrastructure Ltd is ready to acquire a majority stake in Mumbai and Bangalore international airports, a top official said today.

"The intent is to buy majority, but people have to sell. If they are willing to sell, we are ready to buy," Mumbai Internationl Airport Ltd (MIAL) Managing Director and GVK Power and Infrastructure Vice Chairman, G V Sanjay Reddy, told reporters.

GVK Power and Infrastructure holds about 37 per cent in MIAL and around 29 per cent in Bangalore International Airport Ltd (BIAL).

MIAL plans to develop hospitality and realty projects spanning 200 acres of land around the Mumbai airport, Reddy told reporters on sidelines of a conference.

The work on the projects will start in 6 months and will be completed over a span of 10 years.

The project will include budget and premium hotels and retail ventures like shopping malls.

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