GVK Power & Infrastructure Ltd is set to acquire 23.5 per cent stake of South African firms, Bidvest Services Division and ACSA, in Mumbai International Airport Ltd and expects to complete the transaction by October-end.
The diversified Hyderabad-based infrastructure company, which has struck an equity deal with a sovereign fund, has made the necessary arrangements to finance the deal. In acquiring the Bidvest and ACSA stake, GVK will exercise its right to acquire the stake and take its holding to 74 per cent.
Issac George, Chief Financial Officer of GVK, said “discussions on the acquisition are at an advanced stage and we expect to conclude the transaction by next month. GVK has the first right of refusal in stake acquisition.”
