The Tatas on Wednesday ventured into airports when it teamed up with an affiliate of Singapore’s sovereign wealth fund GIC and SSG Capital Management (SSG) to pick up a stake in the airport business of GMR Infrastructure.
The consortium will invest Rs 8,000 crore in GMR Airports — a Rs 1,000-crore equity infusion in GMR Airports and Rs 7,000 crore towards the purchase of GMR Airports’ shares from GMR Infrastructure and its arms.
After the transaction, GMR Infra and its subsidiaries will hold around a 54 per cent stake in GMR Airports, while the Tatas will hold 20 per cent. GIC will hold 15 per cent, SSG Capital 10 per cent and an employee’s body of GMR Airports, the rest. The Tata group will invest Rs 3,560 crore, GIC will chip in with Rs 2,670 crore and SSG Capital, Rs 1,780 crore.
