Australia's AMP Capital in talks to buy stake in Indian airports company

Australian investment manager AMP Capital is in advanced talks with Indian GVK Group to pick up a strategic stake in Mumbai Airport's holding company at a valuation of about 3,000 to 3,500 crore rupees ($413.9 million to $482.9 million).

Mumbai International Airport Pvt (MIAL), which operates the airport in India’s financial hub, is owned by GVK Group’s GVK Power & Infrastructure through GVK Airports Holdings Pvt.

Talks for a stake sale at GVK Airport Holding have been on for several months and a deal should be a concluded before the end of the year.

U.S. investment banks Citigroup and Morgan Stanley are managing the stake sale for GVK. A preliminary agreement is expected to be signed in early November.