Singapore’s Changi Airports Group is in talks with GVK Power & Infrastructure to buy 26% stake in the airport business of the company. In this regard, Changi is likely to pay between Rs 2,000 crore and Rs 2,200 crore for the stake, according to a report.
GVK’s overall airport business would be worth about Rs 8,000 crore. The deal is in the final stages, and an announcement is likely to be made in January.
Further, GVK is looking to raise up to $500 million to retire debt and fund operations by selling a minority stake in its Australian unit. The company has total debt of about Rs 5,000 crore.
GVK Power & Infrastructure is engaged in infrastructure development in areas of power, airports and roads. Incorporated in 1994, the company till date has invested over Rs 5,000 crore in infrastructure projects.
