NEW DELHI: After airlines, the Tata Group has now made its foray into the airport sector. Tatas, GIC and SSG Capital Management will invest Rs 8,000 crore in infra major GMR’s airport arm, valuing GMR Airports at almost Rs 22,500 crore. The investment will help GMR Group reduce its debt burden as it is currently engaged in developing and expanding airports with in India and abroad.
“GMR Infrastructure Limited (GIL) Wednesday announced a proposed investment by Tata Group, Singapore’s sovereign wealth fund GIC and SSG Capital Management in its airports business. GIL has signed a binding term sheet with the Investors pursuant to which the Investors have agreed to invest Rs 8,000 crore in GMR Airports Limited (GAL),” GMR said in a statement Wednesday.
“The investment amount of Rs 8,000 crore will consist of Rs 1,000 crore equity infusion in GAL and Rs 7,000 crore towards purchase of GAL’s equity shares from GIL and its subsidiaries.
