Moneycontrol BureauGMR Group is in talks with private equity players to sell 30 percent stake in its airport business, according to reports in The Economic Times and Mint newspapers. Canada-based Fairfax Financial Holdings and Singapore’s Changi Airports are in preliminary stage of discussions with the company, which is expected to be fianlised before March. KKR & CO. LP and Apollo Global Management, reportedly, also plans to invest in the company. The deal will mainly involve GMR selling a 30 percent stake in airport business to raise USD 500-700 million. Newspaper reports say that the funds will be used to furnish the company’s debt and to consolidate operations. GMR Aiports is a part of the Bengaluru-based GMR Infrastructure Ltd and is responsible for half of the group's revenue. The airport business is currently valued at Rs 10,000 crore. Last week, in an interview to CNBC-TV18, Madhu Terdal, chief finance officer of the GMR Group had said: “We are looking at raising resources as the airport holding company as well but that is one of the methodologies we are using for raising resources.”
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
