Chennai: GMR Infrastructure has said Tata Group, along with an affiliate of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest Rs 8,000 crore in the company’s airports business.
Following the transaction, GMR Infrastructure and its subsidiaries will hold around 54 per cent stake in GMR Airport, while employee welfare trust will hold about two per cent, Tata Group around 20 per cent, GIC about 15 per cent and SSG around 10 per cent.
As part of this transaction, GMR Infrastructure also intends to provide exit to existing private equity investors who hold 5.8 per cent equity stake in GMR Airport Ltd.
GMR Infrastructure has signed a binding term sheet with the investors (Tata Group, GIC and SSG Capital Management) pursuant to which the investors have agreed to invest Rs 8,000 crore in GMR Airports Ltd, GMR Infra said in a regulatory filing.
The investment amount of Rs 8,000 crore will consist of Rs 1,000 crore equity infusion in GMR Airports and Rs 7,000 crore towards purchase of GMR Airports Ltd’s equity shares from GMR Infrastructure and its subsidiaries.
The proposed investment is subject to definitive documentation, customary regulatory approvals, lender consents and other approvals, the company added.
Following the investment, GMR Infrastructure proposes to demerge its energy, highways, urban infrastructure and transportation businesses, leading to separation of its airport business, subject to customary consents, regulatory and corporate approvals.
| Delhi airport raises Rs 2,000 cr |
| The GMR group-run Delhi international airport (DIAL) has raised Rs 2,000 crore from real estate monetisation, which will help its on-going expansion plan, as the nation’s largest airport is set to handle over 70 million passenger this fiscal year, a senior executive has said.
The country’s busiest airport currently handles about 62 million passengers per annum against an installed capacity of 60 million, and 1.5 million tonne of cargo. The proposed development of the Indira Gandhi international airport includes expansion of the existing three terminals, adding a new passenger and a cargo terminal each, and building a cargo city/village, apart from development of new runway and taxiway among others at an investment of Rs 16,000 crore. The Delhi airport has raised about Rs 2,000 crore from realty monetisation which will fetch it an annual rental income of Rs 360 crore. This will partly help fund the expansion. |