GVK Power To Raise $400 Mn By Selling Stake In Airport Business
GVK Power & Infrastructure Ltd is looking to raise $400 Mn by selling upto 26% stake in its airport subsidiary-GVK Airport Developers Private Limited. It is talking to Temasek holdings, Blackstone group & SBI-Macquarie for the funds.
If the deal does through, it will value GVK's airport holding company at $1.5 Bn.
The funds raised will be utilized to acquire additional stakes in MIAL and BIAL.
Transaction Reference: ET
GVK Power holds 37% in Mumbai International Airport(MIAL) and 29% stake in Bangalore International Airport(BIAL). It is also talking to its South African partner Bidvest to buy 13.5% stake which will take hike its stake to 51% in MIAL.
Bidvest, which currently holds 32% stake in MIAL, is looking for an exit option, but it is under an obligation to hold a minimum of 10% equity for seven years. The first right of refusal is with GVK Power.
GVK is also interested in acquiring a majority stake in BIAL, and is talking to Seimens Project Ventures GmbH for some or entire stake. Seimens currently holds 40% in the company.
Earlier in Dec'09, GVK acquired L&T's 17% stake in Bangalore International Airport Ltd for $148 Mn to become the second largest shareholder in BIAL with a 29% stake. The deal valued BIAL at $870 Mn. Before that, it had acquired 12% in BIAL from Zurich Airport for $104.4 Mn in Nov'09.
GVK Power has also entered into a strategic alliance agreement (SAA) with Unique Airports Worldwide AG (Zurich Airport) to collaborate for new airport projects in Indian sub-continent.
| Readers' Comments | Post a Comment >> |
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 21/07/10 | GVK Airport - PE Funding | Private Equity | 400.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 01/02/12 | M&A | Jindal Steel And Power Limited | Gopalpur Ports Limited | - | Announced |
| 30/01/12 | Private Equity | 3i India Infrastructure Fund | Supreme Infrastructure India Limited | 61.00 | Completed |
| 18/01/12 | Private Equity | IL&FS Transportation Networks Limited | 8.01 | Completed | |
| 13/01/12 | Private Equity | Jacob Ballas Capital India (New York Life Insurance Management India Fund ) | Karaikal Port Private Limited | - | Planned |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| GVK Power and Infrastructure Limited | Gunapati Venkata Sanjay Reddy Krishna Ram Bhupal Gunapathy Indira Krishna Reddy G V Krishna Reddy |
'Paigah House', 156-159, Sardar Patel Road |
GMR Infrastructure Limited Moser Baer Projects Private Limited |
www.gvk.com |
| GVK Airport Developers Private Limited | GVK Power and Infrastructure Limited | Paigah House, 156-159, S P Road, Secunderabad-500003. Andhra Pradesh, India. | www.gvk.com | |
| Dealforwards |  |
| Feb 6, 2012... | Unitus Seed Fund Invests In Bodhicrew Services, Hippocampus Learning, Milaap Social |
|
| Feb 6, 2012... | Kotak Realty Fund Invests R80Cr In Orris Infrastructure |
|
| Feb 3, 2012... | Goldman Sachs Invests R22Cr In Aban Offshore |
|
| Feb 6, 2012... | VRL Logistics To Sell Power And Cement Biz |
|
| Feb 3, 2012... | Emerging Markets Invests R14.6Cr In Sintex Industries |
|
Editorial
India A Bright Spot For Otherwise Insolvent CalPERS
I heard that Calfornia Pension is going to default and I started wondering what could be India's contribution to that.
