The Enforcement Directorate searches cover the residences of promoters of GVK group as well
The bids have started coming in, says GVK Reddy of GVK Group. However, he adds that GVK, GMR and the Tatas are the only qualified bidders.
Sources say Indian Hotels, which currently holds 25.5 percent in Taj GVK and Reddy family with about 50 percent stake are in process of negotiating swap ratio for the merger.
GVK Reddy, chairman and Sanjay Reddy, vice-chairman of GVK Group in an interview to CNBC-TV18 discuss what went behind the scenes in terms of putting this new airport together.
Former President APJ Abdul Kalam, is set to join the GVK EMRI's governing board as chairman emeritus.
GVK Power and Infrastructure today said it has entered into an agreement with the airport authority of Indonesia to manage the non-aeronautical commercial operations at Bali International Airport.
The Queensland's Government in Australia has given environment clearance to infrastructure major GVK's USD 6.4 billion (over Rs 35,000 crore) Alpha Coal and rail Project in Galilee Basin.
By GVK Reddy, Chairman & MD, GVK Power & Infrastructure
Hyderabad-based GVK Power and Infrastructure is likely to sign a multi-billion dollar deal to acquire two coal assets in Australia by next month."We will dish out a good news before July-end. However, we cannot share details due to no-disclosure agreement," sources in the company said.