GVK Power and Infrastructure has notified that its unit GVK Airport Developers has bought a 12 percent stake in Bangalore International Airport Ltd for Rs 485 crore.

GVK Power’s wholly owned subsidiary has acquired this stake from Flughafen Zuerich AG, which will be completed upon obtaining necessary consents.

Apart from latest development, the company has also entered into a strategic alliance agreement (SAA) with Unique Airports Worldwide AG (Zurich Airport) to collaborate for new airport projects in Indian sub-continent.

GVK Power and Infrastructure has registered a surge of 45.19 in its net profit, which jumps to Rs 44.23 crore for the second quarter ended September 30, 2009, as compared with Rs 30.47 crore in the corresponding period last year.

The stock of GVK Power closed today at Rs 47 on BSE, down 2% compared to its previous close.