Fairfax India to buy additional 10% stake in Bengaluru airport operator BIAL
Fairfax India Holdings will buy an additional 10% stake in Bengaluru airport operator BIAL, increasing its stake to 74 percent.
Bangalore International Airport Ltd (BIAL) is a joint venture between Fairfax India, Airports Authority of India (AAI) and Karnataka State Industrial and Infrastructure Development Corporation Ltd. The latter two organizations have 13 percent shares each.
“The transaction is expected to close in Q1 2025, when an additional 10% profit of BIAL will be received by Fairfax India, in aggregate, $255.0 million.
The purchase price will be paid in three installments, with the first installment due on the closing date in Q1 2025,” Fairfax India said in a release.
The second and third installments will be paid on August 31, 2025 or July 31, 2026, respectively. Fairfax India acquires 10% stake in Siemens Projects Ventures.
“We would like to thank Siemens for the great partnership we have enjoyed since our initial investment in BIAL in 2017.
This additional investment in BIAL is a testament to our belief in the continued growth opportunities presented by BIAL and the impressive track record shown by Hari Marar and his management team in capitalizing on those opportunities,” Prem Watsa, Canadian billionaire and Founder of Fairfax. India, said the release.
BIAL, under a concession agreement with the government of India until 2068, has exclusive rights to develop, design, finance, construct, commission, maintain, operate and manage the Kempegowda International Airport Bengaluru (KIAB).
KIAB is the first greenfield airport in India to be built through a public-private partnership, according to a December 3 release.
