GVK reaches out to JSW Group for stake sale: Reports

The Reddy´s, founder promoters of GVK, have reached out to JSW Group with an offer to sell their controlling stakes in their crown jewels – the two airports in Mumbai and Bangalore. Citing sources, media reports said Sanjay Reddy, the group´s VC, recently met Sajjan Jindal to discuss the matter. Reddy is also the MD of Mumbai International Airport. The report said GVK – among the most indebted infrastructure conglomerates in the country with `26,500 crore net group debt in FY15 – has been exploring strategic options including listing its airport vertical or selling a minority 49 per cent at its airport holding company or even an outright sale of its economic interests in Bangalore airport.