Fairfax India to Acquire 6% Interest in Bangalore Airport
Fairfax India currently owns a 48% interest in BIAL and, upon completion of this transaction, will own a combined 54% interest in BIAL. Siemens will continue to hold 20% stake in BIAL.
BIAL, under a concession agreement with the Government of India until the year 2038 (with the right to extend the agreement for an additional 30 years), 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. KIAB is the first greenfield airport in India built through a public-private partnership.
“Siemens are one of the original shareholders of BIAL and have contributed immensely to the development of Kempegowda International Airport into a world class airport that is a gateway to and from India,” said Prem Watsa, Chairman of Fairfax India and Chairman and CEO of Fairfax Financial Holdings Limited. “We look forward to continuing to work with Siemens and the other BIAL shareholders in the further expansion of the airport.”