France’s Groupe ADP to buy 49% stake in GMR Airports for Rs 10,780 crore
MUMBAI: The GMR Group on Thursday struck a deal to sell a large minority stake in its airports business to France’s Groupe ADP, while saying that it has called off a stake-sale agreement signed last year with a Tata Groupled consortium.
In a late night announcement, GMR Group said it will sell 49% in its airports business for ?10,780 crore to Groupe ADP, which runs the three airports in Paris. A spokesperson for GMR said it had received a better valuation from the French company, and that a deal with a global airport operator would offer better synergies.
