Fairfax India Holdings Corporation has completed the second closing of its acquisition of an additional equity interest in Bangalore International Airport Limited (BIAL) from Siemens Project Ventures GmbH, part of Siemens Financial Services (SFS). BIAL is the operator of the Kempegowda International Airport (KIA).
“In connection with the second closing, Fairfax India, through its wholly-owned subsidiary, acquired an additional 7% equity interest in BIAL for consideration of $175 million. As previously announced, in the initial transaction, Fairfax India, through its wholly-owned subsidiary, acquired an additional 3% equity interest in BIAL from SFS for consideration of $75 million,” Fairfax India said.
Following completion of the second closing, Fairfax India’s aggregate share ownership in BIAL has increased to 64% (20.4% held by its wholly-owned subsidiary and 43.6% held by its indirect subsidiary, Anchorage Infrastructure Investments Holdings Limited) from 54% last year.
BIAL, under a concession agreement with the Government of India until the year 2068, has the exclusive rights to carry out the development, design, financing, construction, commissioning, maintenance, operation and management of the KIAB through a public-private partnership. KIA is the first greenfield airport in India built through a public-private partnership.
