GVK Airport Holdings, a subsidiary of GVK Power & Infrastructure, has raised $235 million (Rs 1,044 crore) from Standard Chartered (UK) to fund the purchase of 13.5% stake in Mumbai International Airport (MIAL) from Bid Services Division (Mauritius).
As per a report in Econimic Times, the acquisition will be funded by a three-year letter of credit for $235 million, said a person with direct knowledge of the transaction. A letter of credit is a financial guarantee issued by a bank that ensures funds on request. "At this juncture I can only say that we are awaiting the necessary regulatory nod," said a GVK spokesperson.
The GVK group, which plans to bid for a proposed international airport in Navi Mumbai, will consolidate its stake in MIAL to secure better control over operations.
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