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Industries minister Deshpande snubs energy minister Shivakumar over GVK group stake sale

Energy Minister D K Shivakumar’s concerns over the GVK Group’s plans to divest its stakes in Bengaluru International Airport Limited have been brushed aside by his cabinet colleague and Industries Min

Published: 23rd June 2017 10:05 AM  |   Last Updated: 23rd June 2017 10:05 AM   |  A+A-

Express News Service

BENGALURU: Energy Minister D K Shivakumar’s concerns over the GVK Group’s plans to divest its stakes in Bengaluru International Airport Limited have been brushed aside by his cabinet colleague and Industries Minister R V Deshpande. GVK recently announced its intent to sell its remaining 10 per cent stake to Fairfax India Holdings for `1,290 crore.

Dismissing Shivakumar’s views that the sale must be blocked, Deshpande said the state government cannot get involved in it.

“This is a transaction between GVK and Fairfax. I can’t tell GVK to sell or not to sell,” the minister told Express, adding, “The parties need to inform only the BIAL board headed by Chief Secretary.”

The state government, through the Karnataka State Small Industries Development Corporation (KSSIDC), and the Centre, through Airport Authority of India (AAI), own 13 per cent stake each in the BIAL. Siemens holds 26 per cent, while Fairfax has 48 per cent stake, including the 10 per cent stake of GVK.



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