Spanish airport operator Ferrovial and Canada-based Public Sector Pension Investment Board (PSP Investments) have emerged as two final candidates seeking to acquire a majority stake in India’s GVK Airport Holdings.

GVK owns and operates the country’s second busiest Mumbai International Airport. It will also manage the proposed Navi Mumbai International Airport.

The development comes after GVK Power & Infrastructure sought shareholder approval to sell more than 50% stake in its wholly owned subsidiary GVK Airport in a bid to raise up to Rs80bn ($1.13bn), reported

Proceeds will be used to pay debt and develop the Navi Mumbai airport. Citigroup is advising GVK over the transaction.

“GVK Airport may launch an IPO by next year that will help promoters reduce their stake below 50%.”

One source told the publication that the share sale to one of the bidders would be limited to 49%. Additionally, GVK Airport may launch an IPO by next year that will help promoters reduce their stake below 50%.

PSP and Ferrovial have emerged as the final bidders for the deal, which also saw participation from infrastructure investor in Australia AMP Capital, Abu Dhabi Investment Authority and Malaysia Airports, among others.

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PSP Investments controls Germany-based airport operator AviAlliance, which owns stakes in Hamburg, Düsseldorf, Athens and Budapest airports.

Ferrovial operates Heathrow, Glasgow, Aberdeen and Southampton airports in the UK.

GVK Airport holds a 50.5% share in Mumbai International Airport, which has won the rights to develop the Rs150bn ($2.12bn) Navi Mumbai airport project through a step-down subsidiary.