GMR Infrastructure has received an amount of Rs 1,740 crore amounting euro 209 million, as culmination of divestment of its 40% equity stake in Istanbul Sabiha Gökçen Uluslararasi Havaliman? Yat?r?m, Yap?m Ve ??letme A.? (ISG) and LGM Havaliman? ??letmeleri Ticaret Ve Turizm A.? (LGM Tourism) to Malaysian Airports Holding Berhard (MAHB), for a final amount of Rs 1,740 crore in terms of definitive agreements signed subsequent to the exercise of Right of First Refusal by MAHB under the existing shareholders agreement of ISG, on December 23, 2013.
This is the second major divestment of overseas assets by the GMR Group in over a year. This divestment helps the group in capitalizing on equity release of Rs 1,740 crore, in addition to reducing the proportionate debt of Rs 1,412 crore amounting euro 169.55 million carried in the balance sheet as well as guarantees to an extent of Rs 2,298 crore amounting euro 276.03 million.
GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets.