Zurich Airport has reached an agreement to sell its 5 per cent minority shareholding in Bangalore International Airport (BIAL) in India to Fairfax Financial Holdings Ltd for USD 48.9 million before taxes.
"We have reached an agreement with a wholly-owned subsidiary of Fairfax Financial Holdings Ltd," a Zurich Airport spokesperson told PTI in an e-mail.
The transaction is subject to customary closing conditions and is expected to be completed within the third quarter of 2016, as per a statement issued by the Swiss company.
BIAL owns and operates the Kempegowda International Airport Bengaluru (KIAB) under a 30-year concession agreement, with a further 30-year extension option from the Centre.
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