AZB & Partners has advised Fairfax India Holdings on its acquisition of a 38% stake in Bangalore International Airport Limited (BIAL) – India’s third busiest airport – for $385 million.

Fairfax Group, the Indian subsidiary of billionaire Prem Watsa's investment company, made the purchase via its FIH Mauritius Investments unit. Of the 38 percent stake, 33 percent was bought from GVK Group, which was represented by Cyril Amarchand Mangaldas.

The remaining 5 percent was purchased from Flughafen Zürich, which turned to Khaitan & Co and White & Case for counsel.

According to GVK, the sale is part of its fundraising efforts to slash debt. The BIAL stake buy is Fairfax Group’s largest investment in India’s infrastructure sector.

The AZB team was led by partner Ashwin Ramanathan.

 

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