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GMR Acquires 10% Stake in Delhi International Airport.

Sep 10,2024

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GMR Group has acquired Fraport's 10% stake in Delhi International Airport Ltd (DIAL) for ₹1,058 crore ($126 million), marking Fraport's exit from India after 18 years . This deal increases GMR's stake in DIAL to 74%, while the Airport Authority of India (AAI) retains its 26% stake .

Fraport had invested ₹245 crore for its 10% stake in 2006 and is now exiting at over 4x valuation . The German airport operator was among the original members of the GMR-led consortium that bid for Delhi airport's operations and management in 2006.

According to Kiran Kumar Grandhi, Corporate Chairman of GMR Group, this acquisition aligns with the group's objective of consolidating its presence in core assets and underscores Delhi airport's importance in the group's portfolio .

Fraport will continue to support Delhi airport's operations under an existing airport operator agreement . The transaction is expected to be closed within 180 days, subject to approval from AAI and GMR Airports Infrastructure Ltd shareholders.

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Daily Morning News

GMR Acquires 10% Stake in Delhi International Airport.

Sep 10,2024

Share

GMR Group has acquired Fraport's 10% stake in Delhi International Airport Ltd (DIAL) for ₹1,058 crore ($126 million), marking Fraport's exit from India after 18 years . This deal increases GMR's stake in DIAL to 74%, while the Airport Authority of India (AAI) retains its 26% stake .

Fraport had invested ₹245 crore for its 10% stake in 2006 and is now exiting at over 4x valuation . The German airport operator was among the original members of the GMR-led consortium that bid for Delhi airport's operations and management in 2006.

According to Kiran Kumar Grandhi, Corporate Chairman of GMR Group, this acquisition aligns with the group's objective of consolidating its presence in core assets and underscores Delhi airport's importance in the group's portfolio .

Fraport will continue to support Delhi airport's operations under an existing airport operator agreement . The transaction is expected to be closed within 180 days, subject to approval from AAI and GMR Airports Infrastructure Ltd shareholders.

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