BENGALURU: After Fairfax India Holdings Corporation acquired 48 per cent stakes in the Bangalore International Airport Limited (BIAL), its board of directors has been reconstituted.
Marcel Hungerbuehler, former CEO of BIAL and Hari Marar, who has been with the airport from many years has been appointed as new directors at the board meeting held on Thursday.
Harsha Raghavan will take on the role of Managing Director, while Hari Marar will be the Executive Director and president at BIAL. Chief Secretary to the Karnataka Government Subhash Chandra Khuntia is the chairman of the board.
Reconstitution of the BIAL Board of Directors follows the acquisition of the residual 10 percent stake of GVK in BIAL by FIH Mauritius Investments Ltd, a wholly owned subsidiary of Fairfax India Holdings Corporation, according to a statement issued by BIAL.
“The board will work towards the speedy implementation of crucial capacity expansion projects. Hungerbuehler and Marar, both aviation experts, with a deep understanding and knowledge of airport operations and development, will spearhead the establishment of the Fairfax Centre of Aviation Excellence at Bengaluru Airport,” the release said. Hungerbuehler was the CEO of BIAL from Nov 2008 to Feb 2011.
Hari Marar said, “Bengaluru airport continues to see fantastic growth in passenger volumes - more than 20 per cent at the close of the FY 2017. The construction of the second runway and terminal and other associated projects are now a priority. We are now in a unique position to be able to ensure that we deliver to Bengaluru and its people an airport of which that they can truly be proud of.”
GVK Power and Infrastructure Ltd exited from the BIAL after they recently announced the successful completion of the sale of its residual stake of 10 per cent in BIAL to Fairfax India Holdings Corporation for a consideration of `1,290 crores. In March 2017, GVK closed an agreement which was signed during March 2016 with Fairfax India to sell a 33 per cent take in BIAL and had retained a 10 per cent stake and the management of BIAL.