Business Companies 27 Mar 2019 Tata Group, GIC, SSG ...

Tata Group, GIC, SSG to invest USD 1.16 billion in GMR Airports

REUTERS
Published Mar 27, 2019, 10:47 am IST
Updated Mar 27, 2019, 10:53 am IST
The deal will also provide exit to existing private equity investors that hold a 5.8 per cent stake in the airports unit.
GMR Infrastructure will hold a 54 per cent stake and keep management control, while Tatas will hold about 20 per cent, GIC 15 per cent and SSG nearly 10 per cent. (Photo: Pixabay)
 GMR Infrastructure will hold a 54 per cent stake and keep management control, while Tatas will hold about 20 per cent, GIC 15 per cent and SSG nearly 10 per cent. (Photo: Pixabay)

GMR Infrastructure said on Wednesday a consortium of Tata Group, an affiliate of Singapore's sovereign wealth fund GIC Private Ltd and SSG Capital Management will invest 80 billion rupees (USD 1.16 billion) in its GMR Airports Ltd unit.

GMR Infrastructure will hold a 54 per cent stake and keep management control, while Tatas will hold about 20 per cent, GIC 15 per cent and SSG nearly 10 per cent in GMR Airports Ltd after the investment. The deal will also provide exit to existing private equity investors that hold a 5.8 per cent stake in the airports unit.

 

The company proposes to demerge its airports business into a separate entity from its energy, highways, urban infrastructure and transportation businesses after the investment and also cut its debt.

Shares of the New Delhi-based GMR Infrastructure rose 4.11 per cent in early trade in a broader Mumbai market that was up 0.42 per cent.

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Location: India, Delhi, New Delhi




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