L&T selling its stake in Bangalore Intl Airport

Bangalore, Dec 3: Larsen & Toubro is considering selling its entire stake in the Bangalore International Airport.

L&T which holds 17 per cent stake in the airport does not want to be a minority partner, the engineering giant's Chairman and Managing Director AM Naik said on Wednesday, Dec 3, while he was in Coimbatore to commission a casting manufacturing unit to cater to wind power.

The total order book of the company would swell to Rs 1 lakh crore in this fiscal, a 35 per cent increase from the Rs 85,000 crore last year, he added.

Bangalore airport was India's first major airport built with private participation. Private partners hold 74 per cent stake in the airport, built at a cost of Rs 2,470 crore.

Apart from L&T, Siemens Project Ventures of Germany and Zurich Airport hold 40 and 17 per cent stake in the airport respectively, while Karnataka government and the Airports Authority hold 13 per cent each.

OneIndia News