Cargo Breaking News
GMR Airports Infrastructure (formerly GMR Infrastructure) has entered into a share purchase agreement with Fraport AG Frankfurt Airport Services Worldwide, to acquire 10 per cent stake held by the latter in Delhi International Airport for a consideration of USD 126 million.
GIL currently holds 64 per cent of the paid-up capital of DIAL and post the proposed acquisition, its stake in DIAL would increase to 74 per cent. The Airports Authority of India (AAI) will continue to hold 26 equity stake of DIAL, the company said in a statement.
“Post consummation of the transaction, Fraport’s appointment as the airport operator of DIAL shall continue to be governed by the Airport Operator Agreement and/or any other agreement(s) executed in relation to its role as the airport operator,” it said.
The company further stated that the transaction, which is subject to the AAI’s approval and approval of GIL shareholders, along with customary closing conditions, is expected to be concluded within 180 days from the date of execution of the agreement.
“Fraport has been one of the original shareholders and have been our partners in airport journey. They have extended significant technical support to Delhi Airport as per their role of airport operator,” GBS Raju, Business Chairman (Airports), GMR Group, said.
Commenting on the development, Kiran Kumar Grandhi, Corporate Chairman of GMR Group said, “The acquisition of additional stake in DIAL is in line with our objective of consolidating our presence in core assets of the Group and signifies the importance of Delhi airport in the overall group portfolio.”
