 |
|
GMR Airports Infrastructure Limited (GIL) is set to acquire an additional 10% equity stake in Delhi International Airport (DIAL) for approximately $126 million. This move will significantly increase GMR's ownership in DIAL, solidifying its position as a major player in the Indian aviation sector.
The seller of the stake is Fraport AG Frankfurt Airport Services Worldwide, a German airport operator. GMR currently holds a 64% stake in DIAL, and this acquisition will boost its ownership to 74%. The Airports Authority of India (AAI) retains a 26% equity stake in the airport.
The acquisition is a strategic move for GMR, reflecting its commitment to consolidating its presence in key assets within the Group. The company recognizes the importance of Delhi Airport in its overall portfolio, highlighting the airport's strategic significance within India and the broader region.
The transaction is expected to be completed within 180 days from the date of signing the Share Purchase Agreement (SPA). Fraport's role as the airport operator of DIAL will remain unchanged, governed by existing agreements.
The proposed transaction is considered a 'related party transaction' under SEBI regulations, as Fraport owns 10% of DIAL. This classification necessitates adherence to specific rules and procedures during the acquisition process.
The news of the acquisition has been met with positive market response, with shares of GMR trading higher on the BSE. The increased stake in DIAL is expected to generate further value for GMR shareholders in the long term, bolstering its presence in the Indian aviation market.
Source: GMR Airports shares jump 3% on plans to acquire 10% stake in Delhi Airport