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GVK Airport Holdings Private Limited (GAHPL), a subsidiary of energy to infrastructure giant GVK Power & Infrastructure Limited, has picked up additional 13.5 per cent  stake from Bid Services Division

(Mauritius) Limited (BSDM) in Mumbai International Airport Pvt Ltd (MIAL). The stake was picked up for $231 million, GVK said in statement to the exchange, valuing the airport at over $1.7 billion.

With this transaction the equity shareholding of GVK in MIAL will increase to 50.5 per cent from the existing 37 per cent after acquiring 10,80,00,000 equity shares. The deal, initially announced in March this year, will make MIAL a subsidiary of GAHPL.

MIAL is a Public Private Partnership joint venture between GVK, BSDM, ACSA Global and Airports Authority of India (AAI). Upon completion of this transaction, BSDM will hold a 13.5 per cent stake, ACSA Global 10 per cent and AAI the remaining 26 per cent in MIAL.

MIAL was awarded the mandate for operating and modernizing the Chhatrapati Shivaji International Airport, Mumbai (CSIA) in April 2006.

In August, GVK increased its stake in Bangalore International Airport Ltd (BIAL) to 43 per cent, buying 14 per cent from Siemens for Rs 613 crore ($135 million), valuing the airport just a shade below the $1

billion mark.

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