International Business

GVK Power acquires 12% in Bangalore Airport

GVK Power and Infrastructure acquired 12 per cent of Bangalore International Airport for Rs 484.59 crore. - Power & Infra gets board nod for raising Rs 1,800 cr - GVK Power promoter pledges 4.37% stake GVK Airport Developers, the wholly owned subsidiary of the company, acquired this stake from Flughafen Zuerich AG, said the company in a statement to the National Stock Exchange. The above acquisition will be completed upon obtaining necessary consents. The company has also entered into a strategic alliance agreement (SAA) with Unique Airports Worldwide AG (Zurich Airport) to collaborate for new airport projects in Indian sub-continent. The company had reported a 45.19 per cent increase in net profit to Rs 44.23 crore for the second quarter ended September 30, 2009. Revenues increased over four-fold to Rs 492.32 crore during the quarter from Rs 109.49 crore.

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