June 2, 2017 / 11:02 AM / a year ago

India's GVK Power to sell 10 pct stake in Bengaluru airport to Fairfax India

June 2 (Reuters) - Airport operator GVK Power and Infrastructure on Friday said it will sell 10 percent of its residual stake in Bangalore International Airport Limited (BIAL) in southern India to Fairfax India Holdings Corp for 12.90 billion rupees ($200.23 million).

GVK would sell its stake, held by its unit Bangalore Airport Infrastructure Developers Private Limited, and the proceeds would be used for reducing GVK's debt obligations, the company said. (bit.ly/2svYHeP)

Separately, Toronto-listed Fairfax India said it will own a combined 48 percent interest in BIAL on completion of the deal.

GVK had last year sold a 33 percent stake in the Bengaluru airport to Fairfax Financial Holdings, a Toronto-based company which had set up Fairfax India in 2014.

$1 = 64.4250 Indian rupees Reporting by Tanvi Mehta in Bengaluru; Editing by Vyas Mohan

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