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Journalism of Courage
GVK Group,which manages Mumbai and Bengaluru international airports,has received proposals from as many as five companies to sell stake in the airport business and a deal is likely to be sealed by this fiscal end.
According to Isaac George,director of finance and chief executive of GVKs construction business,four of the five companies which have evinced interest to pick up stake are strategic investors. The other one is a financial entity.
We are looking at Rs 2,500 crore. Depending up on the valuation,we may go for 25 to 35 per cent stake dilution, George said on sidelines of GVK Power & Infrastructure AGM today.
We want to close this (due diligence) part by September end. Then,we will see which one is the best. We will have to go to CCI,we will have to go to FIPB. … all separate processes. It may take another 5 months after that, he added.
Meanwhile,George also said GVK requested IDBI and IDFC to allow the group to give an extended moratorium of the principal amount of loan by two years. This is because the plants are not able to operate due to gas shortage from Reliance D-6 field.
