Fairfax India to Acquire 10% More Stake in Bangalore Airport

06 Dec 2024 CW Team

Fairfax India Holdings Corporation announced its decision to acquire an additional 10% stake in Bangalore International Airport Ltd (BIAL) for $255 million. The transaction will increase Fairfax India's ownership in BIAL from 64% to 74%, further solidifying its presence in one of India's busiest airports.

The stake is being purchased from Germany's Siemens, which will fully exit its shareholding in BIAL following the deal. The other two stakeholders, Airports Authority of India and Karnataka State Industrial and Infrastructure Development Corporation, will retain their respective 13% stakes.

The acquisition, expected to close in the March quarter, values BIAL at $2.55 billion. Fairfax India’s founder, Prem Watsa, praised Siemens for their partnership since Fairfax's initial investment in 2017 and emphasised the company's confidence in BIAL’s growth potential under the leadership of CEO Hari Marar.

Fairfax India, established in 2014 by Indian-Canadian billionaire Prem Watsa, is a subsidiary of Fairfax Financial Holdings, a global property and casualty insurance company with $93 billion in assets. Fairfax India also holds controlling stakes in CSB Bank and has investments in IIFL Finance, Fairchem Organics, Sanmar, and Seven Islands Shipping.

Fairfax’s involvement with BIAL began in 2016 when it acquired a 33% stake from GVK Power and Infrastructure. Over time, Fairfax increased its stake by purchasing shares from GVK, Zurich Airport, and Siemens, all of which have since exited BIAL.

BIAL operates Bengaluru's Kempegowda International Airport under a public-private partnership, with a concession agreement extending until 2068. The agreement grants exclusive rights for the airport's development, operation, and management.

(ET)

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