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GVK Airport Holdings Pvt Ltd, an arm of GVK Power & Infrastructure Ltd (GVKPIL), completed the acquisition of 13.5 per cent stake of Bid Services Division (Mauritius) Ltd in Mumbai International Airport Pvt Ltd (MIAL). The company had announced its decision to purchase the stake in March. GVK bought the stake for $231 million (Rs 1,140 crore), valuing MIAL at around Rs 8,500 crore. After the acquisition, GVK’s stake in MIAL stands at 50.5 per cent. While the Airports Authority of India owns 26 per cent, Bid Services Division (Mauritius) and the Airports Company of South Africa hold 13.5 and 10 per cent, respectively. The acquisition is the second-biggest by the GVK group to consolidate its position in the airport business. In August, the group increased its stake in Bangalore International Airport Ltd (BIAL) to 43 per cent, by acquiring 14 per cent stake from Siemens for Rs 614 crore. The deal valued BIAL at Rs 4,300 crore. The acquisition is being financed with a short-term debt and it is looking for a private equity investor in the airports’ holding company and it will use those funds to repay the debt.
The Chhatrapati Shivaji International Airport, Mumbai, is GVK’s first and flagship airport project in India. With the completion of this acquisition process, GVK will have a majority control in one of India’s largest and prestigious infrastructure projects. It also underscores our long-term commitment and strategic interest in the airport sector in India. MIAL is executing an airport modernisation project worth Rs 9,800 crore. The construction of the integrated passenger terminal is underway and will be complete in mid-2013. In the first quarter of 2011-12, MIAL made a net profit of Rs 57.8 crore, against Rs 40.1 crore in the same period last year. The airport handled 29 million passengers last year and sees around 700 flight movements daily.
| Company Name | CMP |
|---|---|
| NTPC | 361.35 |
| Tata Power | 431.45 |
| Power Grid Corp | 314.20 |
| Adani Power | 639.80 |
| Torrent Power | 1364.20 |
| View more.. | |
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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