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(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).
TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that, through its wholly-owned subsidiary, it has completed the acquisition of an additional 10% equity interest in Bangalore International Airport Limited (“BIAL”) from Siemens Project Ventures GmbH, part of Siemens Financial Services for, in aggregate, $255.0 million (the “Purchase Price”). As previously announced, the Purchase Price is payable in three installments, with the initial installment paid on closing of the transaction and the balance to be paid on August 31, 2025 and July 31, 2026.
As a result of the closing of the transaction, Fairfax India’s aggregate share ownership in BIAL has increased to 74.0% (30.4% held by its wholly-owned subsidiary and 43.6% held by its indirect subsidiary, Anchorage Infrastructure Investments Holdings Limited) from 64.0% last year. The equity interest in BIAL owned by the Indian state promoters, Airports Authority of India and Karnataka State Industrial and Infrastructure Development Corporation Limited remains unchanged at 13% each.
BIAL is a private company located in Bengaluru, India. BIAL, under a concession agreement with the Government of India until the year 2068, has the exclusive rights to carry out the development, design, financing, construction, commissioning, maintenance, operation and management of the Kempegowda International Airport Bengaluru (“KIAB”) through a public-private partnership. KIAB is the first greenfield airport in India built through a public-private partnership.
About Fairfax India
Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
| For further information, contact: | John Varnell, Vice President, Corporate Affairs (416) 367-475 |
