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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.
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.