GMR to buy Additional 10% Stake in Delhi Airport

New Delhi: Hiking its stake in Delhi International Airport to 64 per cent, GMR Infrastructure will acquire an additional 10 per cent equity for $79 million from Malaysia Airports Holdings Berhad (MAHB), which is exiting the venture.. . It would be purchasing the additional shareholding in Delhi International Airport Ltd (DIAL) for $79 million (about Rs 492 crore). . . At present, GMR Infrastructure holds 54 per cent stake. In a regulatory filing today, GMR Infrastructure said its subsidiary GMR Airports would acquire 10 per cent stake in DIAL from Malaysia Airports (Mauritius) Pvt Ltd. . . Malaysia Airports (Mauritius) is a subsidiary of MAHB.. . Post the proposed acquisition, GMR Infrastructure's stake would rise to 64 per cent. . . "The acquisition is subject to approval from Airport Authority of India, the grantor of concession for Delhi Airport and completion of other customary conditions precedent," the filing said. . . Yesterday, MAHB said it was exiting DIAL, as a minority share did not give it any "influence" in the venture. . . The Malaysian entity, which made its first investment in Delhi International Airport (DIAL) in 2006, would be reaping profit of nearly $22 million from the proposed sale.. . MAHB had recently realigned its investment objectives to focus more on investments in companies where it can exercise a significant degree of control. . . "As the existing shareholders agreement restricts foreign ownership in DIAL to not more than 49 per cent, MAHB is of the opinion that it would not be in a position to exert influence in DIAL unless it is able to own majority shareholdings in DIAL," MAHB had said. . . Since April 10, 2006 till October 23, 2008, MAHB invested over $57.6 million by taking its total stake to 10 per cent in DIAL. .

GMR to buy Additional 10% Stake in Delhi Airport

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