GMR Airports Infrastructure announces acquisition of 10% stake in Delhi International Airport from Fraport’s Frankfurt Airport Services Worldwide,
After this acquisition, GIL’s total stake in DIAL, the company running Delhi International Airport, will increase from the current 64% to 74%. After this deal, the company’s control over Delhi Airport will be strengthened. Airport Authority of India will continue to hold 26% equity stake. This deal was done for $ 126 million under the Share Purchase Agreement between GIL and Fraport’s. Fraport’s will sell its stake but will continue to work as the airport operator under the Airport Operator Agreement. The transaction is expected to be completed in 180 days after getting approval from the shareholders of AAI and GIL and fulfilling the terms of the deal.
Kiran Kumar Gandhi, Corporate Chairman, GMR Group, said in a press release
Acquiring additional stake in DIAL is in line with our goal of strengthening our Group’s core assets. This move reflects the importance of Delhi Airport to our Group assets. Fraport has always been one of our significant shareholders and a partner in our airport journey. Fraport has provided significant technical support to Delhi Airport as the airport operator, GBS Raju, Business Chairman (Airports) at GMR Group, said that Fraport holds a 10% stake in DIAL, so the transaction will be processed as per SEBI regulations.
