Indian energy to airports company GVK's airport division plans to increase its stake in airport operator Mumbai International Airport Ltd. (MIAL) to 64 percent.
MIAL is a joint venture between GVK, Airports Authority of India, South African financial services to freight management company Bidvest and Airports Company South Africa.
GVK said that it will buy 162 million shares from Bidvest for 12.5 billion rupees ($176 million), raising its stake in MIAL from 50.5 percent to 64 percent.
The company added that it has exercised its right under Right of First Refusal to purchase the shares from Bidvest.