KIA: GVK sells 10 per cent stakes to Fairfax

GVK sells residual 10 per cent shares and walks out of KIA NRI Prem Watsa's Fairfax India Holding Corporation of Canada has bought the shares of GVK With buying GVK shares at Rs 1,290 crore, the Fairfax has 48 per cent shares in KIA

GVK Power and Infrastructure has sold its residual shares of 10 per cent and has exited from the the Kempegowda International Airport project. GVK has sold its final 10 per cent shares to Fairfax India Holding Corporation of NRI industrialist Prem Watsa for Rs 1,290 crore. With this Watsa will have a 48 per cent share in KIA, the third most busy airport in India, reports Kannada Prabha.

Apart from this, Siemens Projects Venture has 26 per cent, Airport Authority of India and Government of Karnataka have 13 per cent shares each. Last year, Fairfax India had bought the 3 per cent shares from Flughafen Zürich AG to increase its share to 38 per cent. GVK had earlier sold its 33 per cent share to Fairfax India but had retained 10 per cent administrative control. As per the 2016 report, the KIA has a total net worth Rs 6,500 crore.