GVK Power and Infrastructure Ltd on Thursday said it had sold its residual stake worth Rs1,290 crore in Bangalore International Airport Ltd (BIAL) to Canadian billionaire Prem Watsa’s Fairfax India Holdings Corp. In May 2016, the debt-laden infrastructure developer had sold a 33% stake in BIAL to Fairfax for Rs2,149 crore. Reddy, founder-chairman and managing director of GVK Power and Infrastructure. GVK owns and operates the Chhatrapati Shivaji International Airport in Mumbai. The Navi Mumbai airport is expected to be built at a current estimate of Rs16,000 crore, more than what has been spent on the modernization of Mumbai airport, Mint reported on 2 June.

Source: Mint July 13, 2017 19:18 UTC