Tata Group restructures GMR deal to meet regulatory norms
NEW DELHI: The Tata Group has agreed to reduce the stake it had proposed to acquire in GMR Airports (GAL) to about 15% from the previously announced 20%, which will likely allow the GMR Group-Tata deal to sail through, people with knowledge of the plan said.
The move is to comply with a rule that bars groups that own airlines to also hold more than 10% in an airport operator. A 15% holding for the Tata Group would keep its effective stake in Delhi International Airport Ltd (DIAL), the GAL unit that runs the airport in the national capital, below 10%.
