Fairfax India Boosts Stake in Bangalore International Airport to 74% with $255 Million Deal | Bengaluru News

Bengaluru: Canadian billionaire Prem Watsa‘s Fairfax India is acquiring an additional 10% stake in Bangalore International Airport (BIAL) from Siemens Project Ventures. The transaction, valued at $255 million, will increase its ownership to 74% in the airport venture.
Following the transaction, Fairfax India’s wholly-owned subsidiary owns 30.4%, and the remaining 43.6% is held by its subsidiary, Anchorage Infrastructure Investments Holdings.
“This additional investment in BIAL is a testament to our belief in the continued growth opportunities presented by BIAL and a phenomenal track record demonstrated by Hari Marar and his management team in capitalising on those opportunities,” said Prem Watsa, founder of Fairfax India.
The transaction is expected to close in the first quarter of next year. The agreed purchase price will be disbursed in three separate payments, with the first payment scheduled upon deal completion in the first quarter of next year. The subsequent payments are scheduled for August next year and July 2026.
The transaction is subject to approval by Fairfax India’s shareholders, likely in January. The stakes held by Airports Authority of India and Karnataka State Industrial and Infrastructure Development Corporation in BIAL continue to be maintained at 13% each. Last year, Fairfax acquired a 7% stake for $175 million, increasing its stake to 64%.
BIAL, a private company based in Bengaluru, under a concession agreement with the government until 2068, has the exclusive rights to carry out development, design, financing, construction, commissioning, maintenance, operation and management of Kempegowda International Airport Bengaluru (KIAB) through a public-private partnership. BIAL clocked $305 million in revenue last year.
In June 2019, Fairfax India floated Anchorage Infrastructure Investments Holdings, which was Fairfax India’s flagship investment vehicle for airports and other infrastructure investments in the country. Between 2017 and 2018, Fairfax India invested $653 million to acquire 54% of BIAL, implying an equity value of around $1.2 billion for the company, its 2023 annual report showed. Last year, Fairfax India acquired — in two tranches — an additional 10% of BIAL from Siemens for $250 million, resulting in a total investment of $903 million for 64% of BIAL.