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GMR Infra to sell 40% stake in Sabiha Gokcen International Airport

13 Dec 2013 Evaluate

GMR Infrastructure has inked definitive pact with Turkey’s TAV Airports Holdings to sell its 40% stake in Istanbul’s Sabiha Gokcen International Airport for Rs 20-25 crore. Though, the company needed approval of its partners in the airport for the transaction to go through.

The GMR Group has a cumulative debt burden of around Rs 41,000 crore and a part of the proceeds from the transaction will be used to bring down the borrowings. The group may also use the funds to increase its shareholding in Delhi International Airport (DIAL).

Malaysia Airports Holdings owns 20% in the Istanbul Airport, while Limak Holdings has 40% stake. Both hold rights of refusal over GMR’s holding.

GMR Infrastructure is the infrastructure holding company formed to fund the capital requirements of various infrastructure projects in the Group’s Energy, Highways and Airport and SEZ sectors. It undertakes the development of the infrastructure projects through its various subsidiaries.

GMR Airports Share Price

96.87 0.11 (0.11%)
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