Tata, GIC, SSG to pick up Rs 80-billion stakes in GMR's airport unit
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A consortium including India’s Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest Rs 80 billion ($1.2 billion) to buy a stake in GMR Airports Ltd.
The deal will pump Rs 10 billion into GMR Airports, a unit of GMR Infrastructure Ltd. and purchase Rs 70 billion of the airport unit’s equity shares from the parent, according to a statement. GMR operates Delhi International Airport Ltd., the country’s biggest airport.
The deal values GMR Airports at Rs 180 billion, the company said in a filing. After the purchase, Tata will hold 20 per cent in the airport unit, while GIC will get 15 per cent and SSG will own 10 per cent.
GMR Also operates airports in Hyderabad and Cebu, while it is developing greenfield airports in Goa and Crete, Greece.
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