Fairfax India Holdings is set to acquire an additional 10 per cent stake in Bangalore International Airport Ltd (BIAL), increasing its total shareholding to 74 per cent. The transaction, valued at $255 million, is expected to close in Q1-CY25, said the company in a release.

Fairfax is purchasing the additional stake from Siemens Projects Ventures. Commenting on the deal, Prem Watsa, Founder, Fairfax India, said, “This additional investment is a testament to our belief in the continued growth opportunities presented by BIAL and a phenomenal track record demonstrated by Hari Marar and his management team in capitalising on those opportunities.”

Three instalments

The payment will be paid in three instalments, with the first instalment due upon the transaction’s completion, the company added. The second and third instalments are expected to be paid on or around August 31, 2025, and July 31, 2026, respectively.

BIAL is a joint venture between Fairfax India (74 per cent), the Airports Authority of India (AAI), and Karnataka State Industrial and Infrastructure Development Corporation. The latter two entities have 13 per cent stake each.

Under a concession agreement with the Indian government valid until 2068, BIAL holds exclusive rights to develop, design, finance, construct, maintain, operate and manage Kempegowda International Airport Bengaluru (KIAB).

(With inputs from PTI)