GMR Hyderabad International Airport Ltd (GHIAL) on June 6 announced the sale of its 8.18 lakh-square feet warehouse facility at the Hyderabad airport to ILP Core Ventures, a Singapore-based subsidiary of logistics operator Indospace Core PTE Ltd.
The transaction was closed at an "enterprise value of Rs 188.1 crore", the company said.
"The said divestment of warehouse facility was concluded by means of divestment of 100 percent equity stake of GMR Hyderabad Airport Assets Limited (GHAAL), a subsidiary of GHIAL and a special purpose vehicle that owned this warehouse facility," a release noted.
The cash-flow from the divestment will used for deploying capital in expansion facilities and "other growth opportunities" at the Hyderabad Airport Land Development portfolio, the company added.
The divestment is also a testament of GMR group’s capabilities in developing world-class institutional grade real estate project assets and "generating value through a successful exit", it further said.
GMR Airports Infrastructure Ltd, the parent entity of GHIAL which operates the airports of Delhi, Hyderabad and Goa, had on May 29 reported a net loss of Rs 697 crore for the quarter ending March 2023, as against a loss of Rs 129 crore in the year-ago period. The company's stock tumbled by up to 11.5 percent following the quarterly results.
In the trading session of June 6, GMR Airports' scrip settled almost flat at Rs 41.68 at the BSE.
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