Thursday, August 27, 2020

GMR to hive off airport segment as a separate 'pure play' listed company

New Delhi: The GMR Group, which operates the Delhi and Hyderabad airports, has hived off its airport business from the holding company GMR Infra Ltd (GIL). Following this restructuring, GIL will be India’s first pure play listed airports company. The other company hived off from erstwhile GIL will be GMR Power and Urban Infra Ltd (GPUIL) that will look after these group businesses.

GIL managing director & CEO Grandhi Kiran Kumar said: “Over the years, GIL has grown multi-fold and with various divergent businesses housed under one holding structure. Shareholders have been suggesting us to offer pure plays listed vehicles to ride the growth trajectory of matured & scaled-up infrastructure businesses. We have been closely evaluating various options and as a step in that direction, post the separation of non-airport business, GIL will be ‘India’s only pure play listed airports company’ and continue its growth journey.”

GMR Group’s airport portfolio has about 17.2 crore passenger capacity in operation and under development, comprising of Delhi’s IGIA, Hyderabad’s RGIA and Mactan Cebu International Airport in partnership with Megawide in Philippines.

Greenfield projects under development include Mopa Airport in Goa and an airport at Heraklion, Greece. The group has won its second JV airport project in Philippines. It will develop a greenfield airport at Bhogapuram in Andhra Pradesh. The Group will operationalise and maintain the civilian enclave at Bidar Airport in Karnataka.

Given its presence in airport segment, the board of GIL together with other group companies — GMR Power Infra Limited (GPIL) and GMR Power and Urban Infra Limited (GPUIL) — on Thursday announced a vertical split demerger of the non-airport business (energy, EPC, urban infrastructure) of GIL into GPUIL, as a going concern, along-side amalgamation of GPIL with GIL, as a step preceding demerger.
27/08/20 Saurabh Sinha/Times of India

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