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