Page 2 - Gvk
GVK completes Rs 2,200-cr stake sale in Bangalore Airport project
BS ReporterHyderabad, 24 March: GVK Power and Infrastructure Limited today announced that it has completed the stake sale in Bangalore International Airport Project(BIAL). It has divested 33 percent of its stake in BIAL from its wholly owned subsidiary, Bangalore Airport and Infrastructure Developers Private Limited to Fairfax India Holdings Corporation, through its wholly-owned subsidiary in Mauritius, for an aggregate investment of Rs 2,202 crore, which is approximately $ 336.18 million at current exchange rates.It may be recalled that the company had first announced the stake sale deal with Fairfax in March 2016, while it took one full year to complete the sale process owing to delay FDI clearances among other things. Post sale, GVK group would have 10 percent stake in this profit making airport asset."We reiterate that our primary focus is on de-leveraging our balance sheet, and all proceeds from this stake sale shall be used to bring down our debt obligations to our lenders. We ..
 "GVK completes Rs 2,200-cr stake sale in Bangalore Airport project")
GVK Power Q4 loss widens to Rs 408 crore
However, net sales increased to Rs 1,081.16 crore in the same quarter of 2015-16 fiscal as against Rs 846.30 crore in the year-ago period
 "GVK Power Q4 loss widens to Rs 408 crore")
Challenges weigh on GVK's debt recovery plan
GVK has substantially cut its interest outgo by selling stake in the Bengaluru airport to Fairfax, but its power and roads businesses could prove a drag on growth
 "Challenges weigh on GVK's debt recovery plan")
GVK fails to pay $560 million for mines in Australia
$10-billion project stranded due to falling coal prices
 "GVK fails to pay $560 million for mines in Australia")
