France's Groupe ADP to buy 49% stake in GMR airport biz

GMR Infrastructure on Thursday said France's Groupe ADP will acquire 49 per cent stake in its airport business for an equity consideration of Rs 10,780 crore. The company has signed a share purchase agreement with Groupe ADP.

"The first tranche of Rs 5,248 crore will be received by GMR Group immediately.This money will help deleverage the group further and result in improved cash flows and profitability," a statement said. GMR manages airports at Delhi and Hyderabad.