RoE likely to surge going forward; Initiating with a Buy (TP INR61/sh) GVK's business model stands at an inflection point for RoE improvement due to (1) existing 901MW of power assets to sell up to 20% in spot rates from Dec'09 onwards; (2) Mumbai airport is likely to see 18%yoy passenger traffic growth in H2FY10e vs. a 1.6%yoy in H1FY10; (3) a prime land sale of ~0.5 mn sf in FY11e and 1 mn sf in FY12e near Mumbai airport. Strategy to acquire Bangalore airport could become value accretive if passenger traffic picks up. Our estimates are 43% higher than consensus in FY11e and 31% in FY12e. Buy with TP INR61/sh.