Fairfax India has concluded its acquisition of an additional 6% stake in Bangalore International Airport from Siemens Project Ventures, in a transaction valued at Rs4.5bn ($67m).
Before completion of the stake acquisition, Fairfax India owned a 48% shareholding in Bangalore International Airport.
As a result of the transaction, which was originally announced in March this year, Fairfax now owns a combined 54% interest in the airport. Siemens will continue to hold a 20% stake in the airport.
Siemens Project Ventures operates as part of Siemens’ Financial Services Division.
When the transaction was announced, Fairfax India chairman Prem Watsa said: “Siemens is one of the original shareholders of BIAL and have contributed immensely to the development of Kempegowda International Airport into a world-class airport that is a gateway to and from India.
“We look forward to continuing to work with Siemens and the other BIAL shareholders in the further expansion of the airport.”
Under a concession agreement with the Government of India until 2038, Bangalore International Airport has the exclusive rights for developing, designing, financing, constructing, commissioning, maintaining, operating and managing the Kempegowda International Airport (KIAB) Bengaluru.
KIAB is the first greenfield airport in India, which has been built through a public-private partnership.
The airport has been envisioned as a business and travel hub for South India. In keeping with this, Bangalore International Airport designed plans to provide facilities and services to all its passengers while increasing the infrastructure and land space available.