Tata Group, GIC and SSG to buy 44% in GMR Airports

MUMBAI: GMR Infrastructure said a consortium comprising the Tata Group, an affiliate of Singapore sovereign wealth fund GIC and Hong Kong-based SSG Capital Management would invest Rs 8,000 crore ($1.16 billion) in its airports unit.

GMR will use the entire fund to bring down its debt to Rs 12,000 crore from Rs 20,000 crore and move ahead to demerge the division into an “airport pure play”, or a standalone airport business, the company’s management told reporters on Wednesday.

The selloff will give Tatas a stake of about 20% in the airport holding company, while GIC and SSG will hold about 15% and 10%, respectively. GMR Infra’s stake will come down to about 54% while an employee welfare trust will hold about 2%.