Mumbai: Debt-laden infrastructure conglomerate GMR is veering towards selling a big stake in its Hyderabad airport. GMR had earlier planned to divest minority shares in the holding company with ownership interests in three airports, including Delhi International Airport and Mactan-Cebu International Airport in the Philippines. The company has initiated discussions with a few global investors - Apollo Global Management, KKR, Canadian pension assets manager PSP Investments and Abu Dhabi Investment Authority (ADIA) - valuing the GMR Hyderabad International Airport at about $800 million (Rs 5,000 crore), sources familiar with the matter said.
Aeroports de Paris, an operator of French and Turkish airports, and Singapore's Changi are also seen as potential bidders depending on the final nature of the share divestment. GMR owns a 63% stake in Hyderabad, while Malaysia Airport Holdings Berhad has 11%. Airport Authority of India (AAI) and Telangana State equally own 26% interest in one of the showpiece greenfield, modern airports. Sources did not rule out the possibility of Malaysia Airport Holdings divesting the entire stake along with GMR's partial sale, driving up the interest of strategic suitors.
"There is no such definitive development. However, we are in the process of raising funds for the group to create liquidity and enhance the shareholder value," a GMR spokesperson said in response to a query regarding plans to sell stake in Hyderabad airport.
17/06/16 Boby Kurian/Times of India
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Aeroports de Paris, an operator of French and Turkish airports, and Singapore's Changi are also seen as potential bidders depending on the final nature of the share divestment. GMR owns a 63% stake in Hyderabad, while Malaysia Airport Holdings Berhad has 11%. Airport Authority of India (AAI) and Telangana State equally own 26% interest in one of the showpiece greenfield, modern airports. Sources did not rule out the possibility of Malaysia Airport Holdings divesting the entire stake along with GMR's partial sale, driving up the interest of strategic suitors.
"There is no such definitive development. However, we are in the process of raising funds for the group to create liquidity and enhance the shareholder value," a GMR spokesperson said in response to a query regarding plans to sell stake in Hyderabad airport.
17/06/16 Boby Kurian/Times of India
