GMR Airports Infra to Acquire Stake in WAISL for Rs 57 Crore

GMR Airports Infrastructure acquired an 8.4% stake in WAISL, a digital infrastructure provider for airports, for Rs 56.66 crore. The move strengthens GMR's presence in airport-related businesses. WAISL provides exclusive IT services at airports. GMR has been exploring investments to enhance its airport-related portfolio. Shares of GMR Airports Infrastructure declined 2.75% after the announcement.

GMR Airports Infrastructure on Tuesday announced acquiring an 8.4 per cent stake in WAISL, which provides digital infrastructure services at airports, as the company looks to strengthen its presence in airport-related businesses.

The company has entered into an agreement to buy 4,60,000 shares or an 8.4 per cent stake of WAISL from Utthishta Virat Fund for Rs 56.66 crore, according to a regulatory filing on Tuesday.

Incorporated in 2009, WAISL is into the business of delivering digital infrastructure at airports and operates as an exclusive partner for IT services at airports.

In the filing, GMR Airports Infrastructure said it has been ''exploring opportunities of investing in entities engaged in airport adjacencies/ airport related businesses etc. to strengthen its presence in all aspects of airport related / airport adjacent businesses''.

GMR Airports Infrastructure operates through GMR Airports Ltd (GAL), which operates various airports, including at Delhi, Hyderabad, Goa and the Philippines.

Shares of the company declined 2.75 per cent to Rs 85.19 apiece in late afternoon trade on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)