BIAL operates under a concession agreement with the Government of India until 2068, managing the Kempegowda International Airport Bengaluru (KIAB). Credit: Joe Ravi/Shutterstock.

Fairfax India Holdings has announced an agreement to acquire an additional 10% of Bangalore International Airport Limited (BIAL) from Siemens Project Ventures.

This acquisition will increase the Indian investment company’s (which trades and is based in Toronto, Canada) total equity interest in BIAL from 64% to 74%. The transaction is valued at $255m and is expected to close in the first quarter of 2025.

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The stakes held by Indian state promoters, Airports Authority of India and Karnataka State Industrial and Infrastructure Development Corporation, remain unchanged at 13% each.

The purchase price will be paid in three instalments, with the first payment due upon closing in Q1 2025. Subsequent payments are scheduled for 31 August 2025 and 31 July 2026.

The completion of this deal is contingent on shareholder approval as per Fairfax India’s by-laws, third-party consents, and other standard closing conditions.

Fairfax India’s founder Prem Watsa said: “We would like to thank Siemens for the great partnership we have enjoyed since our initial investment in BIAL in 2017.

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“This additional investment in BIAL 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.”

BIAL operates under a concession agreement with the Government of India until 2068, managing the Kempegowda International Airport Bengaluru (KIAB).

KIAB holds the distinction of being the first greenfield airport in India developed through a public-private partnership.

Fairfax India is preparing to seek shareholder approval for this transaction at a special meeting anticipated for January 2025.

A management information circular with transaction details and voting instructions will be distributed to shareholders promptly.

Last year, BIAL announced the opening of Phase I of Terminal 2 (T2) at KIAB for domestic operation in India.

BIAL operator KIAB built T2 and other associated infrastructure such as access roads and utilities as part of the airport expansion.