Mumbai: Leading infrastructure firm GVK Airport Holdings Private Ltd (GAHPL) has raised its shareholding in Mumbai International Airport Ltd (MIAL) by acquiring an additional 13.5 per cent stake in the company for USD 230 million.

On Wednesday, GAHPL said it has signed a share purchase agreement with Bid Services Division (Mauritius) Ltd (BSDM) to buy the 13.5 per cent stake in MIAL. GAHPL is a step-down subsidiary of GVK Power & Infrastructure Limited.

After acquiring the additional stake (through purchase of 10,80,00,000 equity shares), the equity shareholding of GVK in MIAL will increase to 50.5 per cent from 37 per cent, while Bid Services Division (Mauritius) Ltd's holding will come down to 13.5 per cent.

MIAL is a joint venture of GAHPL, BSDM, ACSA Global and Airports Authority of India (AAI). "The Chhatrapati Shivaji International Airport is GVK's first and flagship airport project in India. As a part of our overall stated objective of consolidating our presence in the airports sector in India, we have taken this significant step of increasing our shareholding in MIAL," GVK Power & Infrastructure Limited Chairman G V Krishna Reddy said.

MIAL is currently implementing a master plan which includes building a new integrated passenger terminal at Sahar with state-of-the-art infrastructure and facilities to cater to passenger traffic of 40 million per annum, the release said.

(Agency)