GVK Power & Infra buys 100% stake in GVK Airport Services

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GVK Power & Infrastructure has acquired 100 percent stake in GVK Airport Services, which operates Mumbai and Bengaluru international airports.

In a regulatory filing, GVK Power & Infrastructure said: "The company has acquired 100 percent equity share capital of GVK Airport Services Pvt Ltd on June 04, 2015 (10,000 equity share of Rs 10 each). As a result, GVK Airport Services has become a wholly owned subsidiary of the company."

GVK's Mumbai International Airport Pvt Ltd (MIAL) is a Public Private Partnership (PPP) 74:26 joint venture between GVK-led consortium and Airports Authority of India (AAI).

Bangalore International Airport Ltd (BIAL) is a joint venture where GVK-led consortium is the majority partner and state-owned airport operator AAI and Karnataka Government have 13 percent stake each.

GVK Power and Infrastructure reported a net loss for the fourth quarter of 2014-15 at Rs 109 crore against Rs 235 crore in the same quarter of 2013-14, making it the 14th straight quarter that the Hyderabad-based infra major ran up losses.

The total income increased to Rs 865.5 crore for the quarter, against Rs 716 crore a year ago.

Its airport segment made Rs 219 crore profit during the quarter against Rs 5.5 crore loss in the same quarter of the previous year, GVK said, adding that the income from the segment rose to Rs 663 crore in Q4 of 2014-15 against Rs 537 crore a year earlier