Conglomerate GVK said its subsidiary GVK Airport Developers is exploring various options, including possible initial share sale, to reduce debt burden. GVK Airport Developers handles the airport business of the group. It is the developer of the Mumbai and Bangalore airports.
The airport arm is believed to have more than Rs 3,000 crore debt. "GVK Airport Developers Ltd, a wholly-owned subsidiary of our company has been exploring various options, over a period, to raise funds through PE investors, an IPO among others etc, to reduce its debt burden," GVK Power and Infrastructure said in a filing to the BSE. Earlier this year, sources had said that the group was looking to come out with an initial public offering of GVK Airport Developers.
GVK has developed Chhatrapati Shivaji International Airport, Mumbai and Kempegowda International Airport, Bengaluru and are developing two airports in Indonesia, according to its website. The group has interests in diverse sectors including airports, energy, resources, transportation, hospitality and life sciences.
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