GVK group explores various fund raising options to reduce Rs 3,000 crore debt

GVK Airport Developers, a wholly-owned subsidiary of India's leading conglomerate GVK group, on Wednesday said it is exploring various options, including possible initial share sale,to reduce debt burden.

GVK Airport Developers handles the airport business of the GVK group. It is the developer of the Mumbai and Bengaluru airports.

The airport arm is believed to have more than Rs 3,000 crore debt. "GVK Airport Developers Ltd, a wholly-owned subsidiary of our company has been exploring various options, over a period, to raise funds through Private Equity (PE) investors, an Initial Public Offering (IPO) among others etc, to reduce its debt burden," GVK Power and Infrastructure said in a filing to the BSE.

Earlier this year, sources had said that the group was looking to come out with an IPO of GVK Airport Developers.

GVK has developed Chhatrapati Shivaji International Airport (CSIA), Mumbai, and Kempegowda International Airport Bengaluru (KIAB), and are developing two airports in Indonesia, according to the company's website.

The group has interests in diverse sectors including airports, energy, resources, transportation, hospitality and life sciences.