GMR To Acquire 11% Stake In GMR Hyderabad From MAHB For $100 Mln

GMR Group agreed to acquire an additional 11% stake in its step-down subsidiary GMR Hyderabad International Airport Ltd. (GHIAL) from Malaysia Airports Holding Bhd. (MAHB) for $100 million.

GMR Airports Ltd. along with its affiliate signed an agreement with MAHB and its wholly owned subsidiary MAHB (Mauritius) Private Ltd. to acquire their stake in GHIAL, the Indian infrastructure conglomerate said in a stock exchange announcement.

“The acquisition of additional stake in GHIAL is in line with our objective of consolidating our presence in core assets of the group and signifies the importance of Hyderabad airport in the overall group portfolio,” GMR Group Corporate Chairman Kiran Kumar Grandhi said.

GMR Airports, a subsidiary of GMR Airports Infrastructure Ltd., currently owns a 63% stake in GHIAL and post the proposed acquisition, its stake in GHIAL will rise to 74%. The government of Telangana state and Airports Authority of India hold a 13% stake each in GHIAL.

The transaction is likely to conclude within 135 days, subject to the customary closing conditions.

GMR Airports is the largest private airport operator in Asia and the second largest in the world with a passenger handling capacity of over 189 million annually, according to the statement.

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