GMR Group Increases Stake in Delhi Airport to 74% with $126 Million Deal

GMR Airports Infrastructure Ltd (GIL) has entered into a share purchase agreement with Fraport AG Frankfurt Airport Services Worldwide to acquire the latter's 10 per cent stake in Delhi International Airport Ltd (DIAL) for USD 126 million. This deal will increase GIL’s stake in DIAL to 74 per cent.

GMR Airports Infrastructure Ltd (GIL) has solidified its control over Delhi International Airport Ltd (DIAL) by agreeing to purchase a 10 per cent stake from Fraport AG Frankfurt Airport Services Worldwide for USD 126 million. This acquisition will elevate GIL's stake in DIAL from 64 per cent to 74 per cent.

The Airports Authority of India (AAI) will continue to hold a 26 per cent stake in the venture. G Kiran Kumar Grandhi, Corporate Chairman of GMR Group, emphasized that this acquisition aligns with the company’s strategy to consolidate its core assets, underscoring the importance of Delhi airport in their portfolio.

The transaction, subject to approval from the AAI and GIL shareholders, is expected to close within 180 days. The deal also aligns with Sebi Regulations as a related party transaction, given Fraport’s 10 per cent equity stake in DIAL.