Tata, GIC, SSG to pick up Rs 80-billion stakes in GMR’s airport unit
A consortium including India’s Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest Rs 80 billion ($1.2 billion) to buy a stake in GMR Airports Ltd.
The deal will pump Rs 10 billion into GMR Airports, a unit of GMR Infrastructure Ltd. and purchase Rs 70 billion of the airport unit’s equity shares from the parent, according to a statement. GMR operates Delhi International Airport Ltd., the country’s biggest airport.
The deal values GMR Airports at Rs 180 billion, the company said in a filing. After the purchase, Tata will hold 20 per cent in the airport unit, while GIC will get 15 per cent and SSG will own 10 per cent.
