HYDERABAD: The National Investment and Infrastructure Fund (NIIF) has entered into a binding agreement with GMR Airports Limited (GAL) to invest Rs 675 crore in GMR Visakhapatnam International Airport Ltd (GVIAL), the special purpose vehicle that will be developing and operating the proposed Bhogapuram international airport.
NIIF will be making a primary investment by way of compulsorily convertible debentures (CCDs) to be issued by GVIAL.
The transaction is, however, subject to customary completion of conditions precedent and necessary approvals, GMR Airports Infrastructure Ltd said in a regulatory filing with the bourses on Thursday.
