Mumbai, Dec. 6: GVK Power & Infrastructure today said it had bought a 17 per cent stake in Bengaluru International Airport Ltd (Bial) through a subsidiary from L&T Infrastructure Development Projects for Rs 686 crore.

The company, which is also the lead promoter of the Mumbai International Airport, now has a 29 per cent stake in Bial.

“The acquisition was priced at Rs 105 per share. With this, GVK now holds a 29 per cent stake in the airport,” the company said.

Last month, GVK had acquired Zurich Airport’s 12 per cent stake for Rs 484.60 crore.

“The acquisition of an additional stake in Bengaluru International Airport is in line with our objective of expanding GVK’s presence in the airports business,” G.V. Krishna Reddy, chairman and managing director of GVK Power & Infrastructure, said.

Siemens holds a 40 per cent stake in the Bangalore airport, while Zurich Airport owns five per cent.

The remaining 26 per cent is equally held by the Karnataka state government and the Airports Authority of India.

GVK has also entered into a strategic alliance with Zurich Airport to collaborate in jointly pursing opportunities for airport development projects in India.

The company is engaged in power, airports, roads, oil and gas and urban infrastructure and has invested over Rs 5,000 crore in its businesses.