GMR Airports Infrastructure will be acquiring a 10% interest in Delhi International Airport for a sum of $126 million, a company statement said on September 9.
The acquisition will be via a Share Purchase Agreement (SPA) with Fraport AG Frankfurt Airport Services Worldwide, the company said.
“The acquisition of additional stake in DIAL is in line with our objective of consolidating our presence in core assets of the Group and signifies the importance of Delhi airport in the overall Group portfolio,” Kiran Kumar Grandhi, Corporate Chairman of GMR Group said.
On Fraport's role, GBS Raju, Business Chairman (Airports), GMR Group said, "Fraport has been one of the original shareholders and have been our partners in Airport journey. They have extended significant technical support to Delhi Airport as per their role of Airport Operator."
The proposed transaction is a related party transaction for GMR Airports Infrastructure, and meets all regulatory norms, the company added.
GMR Airports Infrastructure currently holds 64% of the paid-up capital of DIAL and after the proposed acquisition, its stake in DIAL would rise to 74%. Airports Authority of India (AAI) continues to holds 26% stake of DIAL.
The transaction is subject to approval of AAI, along with GIL Shareholders, and is expected to be concluded within 180 days from the date of execution.
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