Bangalore: Bangalore-based infrastructure major GMR Group today said it has signed a definitive agreement with Malaysian Airports Holding Berhard (MAHB) to divest its 40% equity stake in Istanbul Sabiha Gökçen (ISG) and LGM Tourism, for € 225 million (about Rs 1,910 crore), subject to certain adjustments.
Definitive agreements have been signed subsequent to the exercise of Right of First Refusal by MAHB under the existing shareholders agreement of ISG, on December 23, 2013, the company said in a statement.
The transaction is subject to customary closing conditions including the approval of the relevant government authorities and the project lenders to ISG. This is the second major divestment of overseas assets by the GMR Group in less than nine months. Earlier in March 2013, the Group had divested its stakes in GMR Energy (Singapore) Pte Ltd.
30/12/13 Mahesh Kulkarni/Business Standard
To Read the News in full at Source, Click the Headline
Definitive agreements have been signed subsequent to the exercise of Right of First Refusal by MAHB under the existing shareholders agreement of ISG, on December 23, 2013, the company said in a statement.
The transaction is subject to customary closing conditions including the approval of the relevant government authorities and the project lenders to ISG. This is the second major divestment of overseas assets by the GMR Group in less than nine months. Earlier in March 2013, the Group had divested its stakes in GMR Energy (Singapore) Pte Ltd.
30/12/13 Mahesh Kulkarni/Business Standard
