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TATA Enters Airport Business With Rs 8000-Cr Deal; Buy Stake In GMR

न्यूज़ वर्ल्ड इंडिया | 0
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| March 27 , 2019 , 14:26 IST

GMR Infrastructure on Wednesday said a consortium of Tata Group, an affiliate of Singapore's sovereign wealth fund GIC Private Ltd and SSG Capital Management will invest 80 billion rupees ($1.16 billion) in its GMR Airports Ltd unit.

The deal will pump Rs 1,000 crore into GMR Airports, a unit of GMR Infrastructure NSE 2.06 % Ltd. and purchase Rs 7,000 crore of the airport unit’s equity shares from the parent, according to a statement. GMR operates Delhi International Airport Ltd.,

After the purchase, Tata will hold 20 percent in the airport unit, while GIC will get 15 percent and SSG will own 10 percent.

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GMR Infrastructure, which has net debt of $2.9 billion at the end of December 2018, has been selling assets to pay off liabilities. GMR competes with GVK Power & Infrastructure Ltd., which runs the airport in the financial capital of Mumbai.

GMR shares jumped as much as 9.8% to the highest intraday level since Sept. 3 in Mumbai, while the broader S&P BSE Sensex index rose 0.6%. GMR Also operates airports in Hyderabad and Cebu, while it is developing greenfield airports in Goa and Crete, Greece.

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