Fairfax India buys 38 pct stake in Bangalore airport for $385 mln


An IndiGo Airlines A320 aircraft is parked on the tarmac at Bengaluru International Airport in Bangalore March 7, 2012. REUTERS/Vivek Prakash/Files

Fairfax India Holdings Corp, a vehicle launched in 2014 to make private equity and other investments in India, has acquired a 38 percent stake in Bangalore International Airport Ltd, the operator of Kempegowda International Airport, which serves the Bangalore area. The deal, valued at about US$385 million, saw the interest acquired from a subsidiary of GVK Power & Infrastructure Ltd and Flughafen Zürich AG. Fairfax India is an affiliate of Fairfax Financial Holdings Ltd, a Toronto holding company. Earlier this year, it acquired a majority stake in Saurashtra Freight Private Ltd.

PRESS RELEASE

Fairfax India Acquires 38% of Bangalore International Airport Limited

TORONTO, ONTARIO–(Marketwired – March 24, 2017) –

Fairfax India Holdings Corporation (TSX:FIH.U) is pleased to announce that, through its wholly-owned subsidiary (collectively, “Fairfax India”), it has completed its previously announced acquisition of 38% of the outstanding shares of Bangalore International Airport Limited for an aggregate consideration of approximately INR 25.22 billion (approximately $385 million at current exchange rates). Of the 38 %, 33% was bought from Bangalore Airport & Infrastructure Developers Private Limited, which is a subsidiary of GVK Power & Infrastructure Ltd and 5% was bought from Flughafen Zürich AG.

About Fairfax India
Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

CONTACT INFORMATION
Fairfax India Holdings Corporation
John Varnell
Vice President, Corporate Affairs
(416) 367-4755

Photo courtesy of Reuters/Vivek Prakash

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