GVK sells stake in Bangalore International Airport to Fairfax

Rs2,149 crore deal with Prem Watsa’s Fairfax for a 33% stake in Bengaluru airport operator will reduce GVK Power’s debt by Rs2,000 crore.

“The positive thing is there is action due to pressure from banks and the regulator. The Bangalore airport is a prize asset. I see that as a tangible action on the corporate’s part. However, just getting Rs.2,000 crore does not help the issue. There has to be a holistic solution at the group level from both banks and the borrowers,” said Nirmal Gangwal, founder of Brescon Corporate Advisors Pvt. Ltd, a corporate turnaround firm.