Airport operator GVK Airport Developers Thursday said that Singapore's Changi Airports International is not picking up any stake in the company due to regulatory issues.
"Changi went back because of India story being bad like the Vodafone retrospective tax and introduction of the General Anti-Avoidance Rules (GAAR)," Issac George, chief financial officer, GVK Group said on the sidelines of the company's annual general meeting held here.
"Right now there is due diligence going on by one of the investors. We are not desperate to sell our airport unless and until we get the right kind of price," he added.
Currently, GVK Group, manages two international airports - Mumbai and Bangalore. The company in recent past has received proposals from five companies including Changi Airports showing interest to pick up stake in its airports business.
The infrastructure developer expects to raise over Rs.2,500 crore through stake sale in the airport business.