GMR Infrastructure seems to have put its debt reduction plan on fast track with stake sale in Delhi airport said to be in the final lap, reports CNBC-TV18.
The company is reportedly in the final stages of signing a deal with France-based Paris Aeroport (Paris Airports) for selling about 40 percent stake in Delhi airport to raise roughly Rs 4,000 crore.
Paris Aéroport (Paris Airports) is the airport authority that owns and manages the fourteen civil airports and airfields in Paris.
The total valuation of Delhi airport is close to Rs 10,000 crore according to the company.
Sources told CNBC-TV18 that GMR had shelved this plan a few months ago and was toying with other ideas to pare debt. However, it has now decided to go ahead with the deal, and the due diligence is in the final stages.The deal will provide some respite to GMR, which has been struggling with huge debt of over Rs 35,000 crore.