After the purchase, Tata will hold 20% in the airport unit, while GIC will get 15% and SSG will own 10%, the company said in a filing. The deal, which values GMR Airports at 180 billion rupees, will bring down the group’s consolidated debt by 40% to 120 billion rupees, its Chief Financial Officer Sushil Modi told reporters in Mumbai.
SINGAPORE (Mar 27): A consortium of India’s Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest 80 billion rupees ($1.57 billion) to buy a stake in GMR Airports, which runs India’s biggest airport.
The deal will pump 10 billion rupees into GMR Airports, a unit of GMR Infrastructure and purchase 70 billion rupees of the airport unit’s equity shares from the parent, according to a statement. GMR operates Delhi International Airport, Asia’s sixth biggest.
