Tata, GIC to buy stakes in GMR’s airport unit in ₹8,000 crore deal
A consortium of Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest ₹8,000 crore ($1.2 billion) to buy a stake in GMR Airports Ltd, which runs India’s biggest airport.
The deal will pump ₹1,000 crore into GMR Airports, a unit of GMR Infrastructure Ltd. and purchase ₹7,000 crore of the airport unit’s equity shares from the parent, according to a statement. GMR operates Delhi International Airport Ltd., Asia’s sixth biggest.
After the purchase, Tata will hold 20% in the airport unit, while GIC will get 15% and SSG will own 10%, the company said in a filing. The deal values GMR Airports at ₹18,000 crore.
