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Business News/ Companies / News/  GMR Group gets NCLT nod for demerger of non-airport businesses
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GMR Group gets NCLT nod for demerger of non-airport businesses

NCLT sanctions the composite scheme of arrangement amongst GMR Power Infra, GMR Infrastructure and GMR Power and Urban Infra and their respective shareholders

During August, 2020, GMR Group had announced its plans to restructure its various business verticals, spin-off and list its airports business separately. (REUTERS)Premium
During August, 2020, GMR Group had announced its plans to restructure its various business verticals, spin-off and list its airports business separately. (REUTERS)

NEW DELHI:GMR Infrastructure Ltd. (GIL) on Thursday said that it has received an approval from the National Company Law Tribunal's (NCLT) for the demerger of non-airport businesses of the company. 

"The Hon’ble National Company Law Tribunal, Mumbai Bench (“Tribunal") has sanctioned the Composite Scheme of Arrangement amongst GMR Power Infra Limited (GPIL), GMR Infrastructure Limited (GIL) and GMR Power and Urban Infra Limited (GPUIL) and their respective shareholders (“Scheme") under Sections 230 to 232 of the Companies Act, 2013," the company said in a statement. 

"The Tribunal after hearing the Company Petition filed in this regard has, by its order pronounced on December 22, 2021 sanctioned the Scheme, wherein the Appointed Date is April 01, 2021," it added. 

During August, 2020, GMR Group had announced its plans to restructure its various business verticals, spin-off and list its airports business separately.

The company had then said that its board of directors has approved this vertical split demerger, which "will go a long way in facilitating deeper understanding of the airport business independently as compared to other business verticals within the group."

GMR group’s airport portfolio has around 172 million passenger capacity in operation and under development, comprising India's busiest Indira Gandhi International Airport in New Delhi, Hyderabad’s Rajiv Gandhi International Airport, Mactan Cebu International Airport in partnership with Megawide in the Philippines while greenfield projects under development includes an airport at Mopa in Goa and another airport at Heraklion, Crete, Greece in partnership with GEK Terna.

The group along with its consortium has also completed construction of a new terminal building of Clark International Airport earlier this year. 

It has also signed the concession agreement for the development and operation of a greenfield airport at Bhogapuram in Andhra Pradesh and another concession agreement to commission, operationalise and maintain the civilian enclave at the Bidar Airport in North Karnataka.

According to the proposed scheme of arrangement, the non-airport business of GIL-- energy, urban infrastructure, EPC services -- will be moved to GMR Power and Urban Infra Ltd (GPUIL) as a going concern, while GIL will turn into a pure-play airport-owning company.

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Rhik Kundu
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Published: 23 Dec 2021, 06:51 PM IST
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