GVK Power acquires 12% in Bangalore Airport

GVK Power and Infrastructure has acquired 12% of Bangalore International Airport for Rs 484.6 crore. GVK Airport Developers, the wholly owned subsidiary of the company, acquired this stake from Flughafen Zuerich AG. The above acquisition will be completed upon obtaining necessary consents.

The company has also entered into a strategic alliance agreement (SAA) with Unique Airports Worldwide AG (Zurich Airport) to collaborate for new airport projects in Indian sub-continent. The company had reported a 45% increase in net profit to Rs 44.2 crore for the second quarter ended September 30, 2009. Revenues increased over four-fold to Rs 492.3 crore during the quarter from Rs 109.5 crore.