Zürich Airport has sold its 12% stake in Bangalore International Airport in India for $98.5 million to GVK Power & Infrastructure (GVKPIL).

The strategic agreement was intended to strengthen its ties as well as airport activities in South Asia.

Zürich Airport will, however, retain a 5% stake in the airport, which includes board representation.

Bangalore airport is currently planning an expansion involving an additional terminal and a second runway.