GMR Hyderabad International Airport Limited (GHIAL) has said it signed a definitive agreement to acquire the entire stake held by Menzies Aviation Cargo (Hyderabad) Ltd in Hyderabad Menzies Air Cargo Private Limited Limited for about Rs 60 crore.
GHIAL is a GMR group company that manages the Rajiv Gandhi International Airport here. It is a direct subsidiary of GMR Airports Ltd and an indirect subsidiary of GMR Infrastructure Ltd.
A GHIAL release said that GMR Hyderabad International Airport Limited had entered into a definitive share purchase agreement to acquire the entire equity and preference shares held by Menzies Aviation Cargo (Hyderabad) Limited in Hyderabad Menzies Air Cargo Private Limited (HMACPL) at a total consideration of Rs 59.75 crore.
"Post-acquisition of the aforesaid shares, HMACPL will be a wholly owned subsidiary of GHIAL," the release said.
(With inputs from agencies.)