Hyderabad: The Competition Commission of India has approved the proposed equity investment from a Tata Group entity and affiliates of GIC and SSG in GMR Airports Limited, a subsidiary of the GMR Infrastructure Limited.
In a regulatory filing, the diversified infrastructure company has informed today about the CCI approval. This will pave way for infusion of ?8,000 crore into the airport business for 45 per cent stake, estimated to be valued at ?18,000 crore.
In addition, ?4,475 crore will come through revenues that get generated over the next five years taking the valuation to about ?22,475 crore.
While the Tata Group entity Tata Realty and Infra will hold 20 per cent stake, affiliates of GIC and SSG will hold 15 per cent and 10 per cent, respectively, in the airports business.
The GMR Group, which operates the Delhi and Hyderabad International airports, is in the process of taking up expansion of both these projects entailing huge investments. The equity deal will also enable the GMR Infra to demerge the airports business and list it as a separate entity.
Earlier this year, the GMR had outlined plans for vertical demerger aimed at demarcating the airport and non-airport businesses and unlocking their respective values. It has begun the process to obtain approvals from lenders. It plans to immediately file for a demerger scheme post completion of the equity transaction.
03/10/19 V Rishi Kumar/Business Line
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In a regulatory filing, the diversified infrastructure company has informed today about the CCI approval. This will pave way for infusion of ?8,000 crore into the airport business for 45 per cent stake, estimated to be valued at ?18,000 crore.
In addition, ?4,475 crore will come through revenues that get generated over the next five years taking the valuation to about ?22,475 crore.
While the Tata Group entity Tata Realty and Infra will hold 20 per cent stake, affiliates of GIC and SSG will hold 15 per cent and 10 per cent, respectively, in the airports business.
The GMR Group, which operates the Delhi and Hyderabad International airports, is in the process of taking up expansion of both these projects entailing huge investments. The equity deal will also enable the GMR Infra to demerge the airports business and list it as a separate entity.
Earlier this year, the GMR had outlined plans for vertical demerger aimed at demarcating the airport and non-airport businesses and unlocking their respective values. It has begun the process to obtain approvals from lenders. It plans to immediately file for a demerger scheme post completion of the equity transaction.
03/10/19 V Rishi Kumar/Business Line
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