JSE-listed diversified industrial group Bidvest subsidiary Bid Services Division has agreed to sell half of its interest in Mumbai International Airport to a subsidiary of Indian infrastructure company GVK Power Infrastructure.

Bidvest said that the sale was expected to have a positive impact of between R300-million and R400-million on the headline earnings of the group, resulting from the estimated funding costs, transaction costs and the carrying amount of the investment to date.

In the interim results for the six months to December 2010, Bidvest increased its headline earnings by 11% to R1,72-billion.