AMP Capital eyes stake in GVK’s airport biz; Lone Star may invest in GMR airport holding co

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26 Aug, 2025 12:21

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AMP Capital is in advanced talks with the GVK Group to pick up a strategic stake in Mumbai airport’s holding company at a valuation of about Rs 3,000-3,500 crore, according to a report by The Economic Times.

Mumbai International Airport Pvt (MIAL), which operates the airport in India’s financial hub, is owned by GVK Group’s GVK Power & Infrastructure through GVK Airports Holdings Pvt.

Similarly, Lone Star, a Texas-based company, is negotiating to invest in GMR Group’s Delhi airport holding entity at a valuation of about Rs 4,500 crore, the report said.

Both GVK Group and GMR are debt heavy. GVK Power's total debt stood at Rs 12,855 crore in FY18 while GMR has a debt of around Rs 4,600 crore. Citigroup and Morgan Stanley are managing the stake sale for GVK and GMR, respectively, the report stated.

Moneycontrol could not independently verify the story.

GVK holds a 50.5 percent stake in MIAL, which in turn owns 74 percent stake in Navi Mumbai Airport Pvt (NMIAL).

South Africa’s Bidvest, which holds a 13.5 percent stake, is also looking to sell its shares.

A preliminary agreement is expected to be signed in early November, according to the report.

News reports earlier suggested that GVK is looking to free up cash for its upcoming projects, especially construction of the Navi Mumbai airport, which is estimated to cost about Rs 14,000 crore.

GVK Group had been reportedly discussing the stake sale with four bidders: Singapore’s Changi Airport, German airport operator AviAlliance, India’s sovereign wealth fund National Investment and Infrastructure Fund (NIIF) and the Abu Dhabi Investment Authority (ADIA).

GVK would however continue to retain a stake in Mumbai airport.

GMR runs airports in Delhi, Goa and Hyderabad in India and operates assets in the Philippines and Greece. The Delhi airport, which is the country’s busiest, handles around 57.7 million passengers annually, while Hyderabad handles 15.2 million travellers. GMR is set to start construction of Rs 3,000-crore airport in Goa.

According to the report, GMR has kick-started the process to list its airport holding company. Lone Star’s investment in the company is likely to be pre-IPO funding.