New Delhi: GVK Power & Infrastructure hasa cquired 100 per cent stake in GVK Airport Services, which provides technical services at airports in India. In a regulatory filing, GVK Power & Infrastructure said. "The company has acquired 100 per cent equity share capital of GVK Airport Services Pvt Ltd on June 4, 2015 (10,000 equity share of Rs 10 each). As a result, GVK Airport Services has become a wholly-owned subsidiary of the company."
GVK's Mumbai International Airport Pvt Ltd (MIAL) is a Public Private Partnership (PPP) 74:26 joint venture between GVK-led consortium and Airports Authority of India (AAI). Bangalore International Airport Ltd (BIAL) is a joint venture where GVK-led consortium is the majority partner and state-owned airport operator AAI and the Karnataka government have 13 per cent stake each.
GVK Power and Infrastructure reported a net loss for the fourth quarter of 2014-15 at Rs 109 crore as against Rs 235 crore in the same quarter of 2013-14, making it the 14th straight quarter that the Hyderabad-based infra major ran up losses.
The total income increased to Rs 865.5 crore for the quarter, against Rs 716 crore a year ago. Its airport segment made Rs 219 crore profit during the quarter as against Rs 5.5 crore loss in the same quarter of the previous year, GVK said, adding that the income from the segment rose to Rs 663 crore in fourth quarter of 2014-15 as against Rs 537 crore a year earlier. GVK Infrastructure & Power shares on June 4 closed 1.81 per cent down at Rs 7.58 apiece on the BSE.
