logo
 

GMR to sell 49% stake in airport business

Fri 17 Jan 2020, 12:08:14
Hyderabad: GMR Infrastructure, parent entity of GMR Airports Ltd and a majority stakeholder in GMR Hyderabad International Airport Limited that operates the Hyderabad international airport, on Thursday said it will sell 49 per cent stake in its airport business to Tata Group entity TRIL Urban Transport, a larger stake than previously announced.

GMR Group had earlier announced offloading 44.44 per cent shareholding in the airport business, with an estimated valuation of Rs 8,000 crore, according to company sources.

In a regulatory filing to the bourses, GMR Infrastructure said it has decided to increase the transaction size by agreeing to divest 49 per cent in GMR Airports Limited than previously agreed 44.44 per cent to TRIL Urban Transport Private Limited (part of Tata Group), an affiliate of GIC and SSG Capital Management in one or more tranches.

The transaction would be subject to regulatory approvals. An amended and restated Shares Subscription and Purchase Agreement and Shareholders Agreement have been executed for the revised deal, according to the regulatory filing.

GMR Group’s Airport portfolio comprises of Hyderabad’s Rajiv Gandhi International Airport, Indira Gandhi International Airport in New Delhi, Mactan Cebu International Airport in partnership with Megawide in Philippines. While greenfield projects under development include airport at Mopa in Goa and airport at Heraklion, Crete, Greece in partnership with GEK Terna. The GMR-Megawide consortium has won the Clark International Airport’s project, the second project in Philippines.



No Comments For This Post, Be first to write a Comment.
Leave a Comment
Name:
Email:
Comment:
Enter the code shown:


Can't read the image? click here to refresh

Todays Epaper

Maharashtra govt has given the permission for Malls, Multiplexes & restaurants to remain open 24x7 in Mumbai. Is Hyderabad also need to open their businesses round the clock for the facility of people?

Yes
No
Can't Say