Fairfax India Expands Bengaluru Airport Stake with $175 Million Acquisition, Secures 64% Ownership

Canadian billionaire Prem Watsa’s Fairfax India Holdings Corp. has expanded its ownership in Bangalore International Airport Ltd, acquiring an additional 7% stake from Siemens Project Ventures GmbH for a reported $175 million. This move follows Fairfax’s earlier purchase of a 3% equity share from Siemens Financial. With this transaction, Fairfax’s total stake in the airport has increased to 64%, with a subsidiary holding 20.4% and Anchorage Infrastructure Investments Holdings Ltd, an indirect subsidiary, holding 43.6%.

Fairfax initially became the major shareholder in BIAL in 2016 by acquiring a 33% stake from GVK Power and Infrastructure for $321 million. Subsequent transactions, including the purchase of an additional 5% from Zurich Airport and GVK’s divestment of its remaining 10% stake in 2017, have bolstered Fairfax’s position in the airport. In 2022, Fairfax held approximately 54% of BIAL.

BIAL, operating under a long-term concession agreement with the Indian government until 2068, is a private entity based in Bengaluru. The company enjoys exclusive rights for the development, design, financing, construction, commissioning, maintenance, operation, and management of Kempegowda International Airport Bengaluru through a public-private partnership model.