The deal will pump  ₹1,000 crore into GMR Airports. Photo: Mint
The deal will pump 1,000 crore into GMR Airports. Photo: Mint

GMR Infra to now sell 49% in airports company to Tata group subsidiary

  • The transaction will take place in one or more tranches, GMR Infrastructure said in a regulatory filing
  • The raising of stake by the company for divestment is subject to regulatory approvals, it added

GMR Infrastructure Ltd on Thursday said it has now decided to divest 49% stake in GMR Airports Ltd, against 44.44% planned earlier. Tata group companies TRIL Urban Transport Pvt Ltd (TUTPL) and two of TUTPL’s overseas partners plan to acquire the stake in the airports’ company from GMR Infrastructure.

The transaction will take place in one or more tranches, GMR Infrastructure said in a regulatory filing. The raising of stake by the company for divestment is subject to regulatory approvals, it added.

“This is another step in our endeavour to deleverage and demonstrate our commitment towards the same," the infrastructure company said.

TUTPL is a wholly-owned subsidiary of Tata Realty and Infrastructure Ltd (TRIL). TUTPL along with its two partners and foreign investors Valkyrie Investment Pte Ltd and Solis Capital (Singapore) Pte Ltd will acquire a majority of 55.2% stake in GMR Airports for 8,000 crore.

While Valkyrie is a special purpose vehicle (SPV) organised as a private limited company in Singapore and is an affiliate of GIC Pvt Ltd, Solis Capital is an investment arm of the Hong Kong-based SSG Group.

At 11:50 am, shares of GMR Infrastructure traded 0.84% higher at 24.15 on the BSE, while Sensex was flat at 41,842.86 points.

In October 2019, the Competition Commission of India (CCI) had cleared the deal. The commission had approved the proposed transaction with certain modifications by TUTPL, as per the regulations of CCI. As per the plan, Tata group was to hold 20% in GMR Airports, while GIC 15% and SSG 10% in the airport unit. The deal had valued GMR Airports at 18,000 crore.

Currently, GMR Infrastructure owns and operates Delhi and Hyderabad international airports.

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