Infrastructure major, GVK Power & Infrastructure Ltd has increased its stake in the Bangalore International Airport Ltd (BIAL), which manages the Bangaluru International Airport, to 43 per cent.

GVK acquired additional14 per cent stake in BIAL from from Siemens for Rs 613.82 crore to up its state to 43 per cent from the current 29 per cent. The deal makes GVK, the single largest shareholder in BIAL, which will now be valued at Rs 4,378 crore.

The Bangalore Airport & Infrastructure Developers Pvt Ltd, which is a GVK Power & Infrastructure, used its right of first refusal for acquiring 53.84 million shares from Siemens Project Ventures GmbH at the price of Rs 114 per share.

The company is planning to put the expansion plan for the airport in the fast track after ti acquires a majority state. GVKPIL Director & CFO Isaac George said, "We intend to put the expansion of the Bangalore international airport on the fast track now. As we expand, we will try and increase revenues from non-aviation sources.”

The company runs three busiest airports in the country. It has also increased its stake to 50.5 per cent in Mumbai International Airport Pvt Ltd (MIAL) for $231 million, converting it into one of its subsidiary.