GMR Group has agreed to sell its entire 40 per cent stake inIstanbul's Sabiha Gokcen airport for 225 million euros, or Rs 1,918 crore (w.r.t. 1 euro = 85.27 rupees), to Malaysia Airports Holdings Bhd, the Indian company said on Monday.
Malaysia Airports, which already holds a 20 per cent stake in the airport, Turkish firm Limak, which owns 40 per cent, and GMR acquired the operating rights to the airport for 20 years for 1.93 billion euros in 2007.
Malaysia Airports had the right of first refusal for the GMR stake, the Indian company said.
GMR, whose business interests include airport, power and roads, has been divesting stakes to cut its debt load.
Earlier this year, it exited a Singapore power project for $532 million. It also sold its majority stake in a highway project in India for about $35 million.
Copyright @ Thomson Reuters 2013
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