India’s largest airport operator, GMR, has decided to separately list its airport business. The company’s board on Thursday passed a proposal that will see the holding company, GMR Infrastructure, demerge into airport and non-airport entities.
The board also approved fund-raising of up to Rs 5,000 crore through issuing securities. Sources said the company was in talks with investment banks to launch a qualified institutional placement (QIP) before the end of this calendar year.
According to the restructuring process, the non-airport business, comprising energy, urban infrastructure, and EPC services, will be moved to GMR Power and Urban Infra Ltd (GPUIL) as a going concern. GMR Infrastructure Ltd (GIL) will turn into a pure-play airport-owning company.
