GVK Power & Infrastructure Ltd said on Wednesday its unit signed an agreement to buy a 13.5 percent stake in Mumbai International Airport Pvt Ltd (MIAL) from Bid Services Division (Mauritius) Ltd.

As a result, GVK's stake in MIAL will increase to 50.5 percent. MIAL was awarded the mandate for operating and modernizing Mumbai's Chhatrapati Shivaji International Airport in April 2006.

GVK did not disclose financial details of the deal.

GVK is the largest stakeholder in MIAL, followed by the Airports Authority of India which holds 26 percent.