India's GMR Airports raises stake in Delhi airport to 74% as Germany's Fraport exits (updated)
09/09/2024 13:08
(Adds Fraport selling stake, details on deal, background)
BENGALURU, Sept 9 (Reuters) - India's GMR Airports
Infrastructure GMRI.NS said on Monday it increased its stake
in the main airport in New Delhi to 74%, by buying out Frankfurt
Airport operator Fraport's FRAG.DE 10% interest in a deal
worth $126 million.
The Airports Authority of India (AAI) will continue to hold
its 26% stake in Delhi International Airport Ltd (DIAL), one of
the country's biggest and busiest airport, GMR said.
The deal comes just over a month after heavy rainfall caused
the airport's roof to collapse killing one person and shutting
down a busy domestic terminal.
GMR, which also owns stakes in Hyderabad's Rajiv Gandhi
International Airport and Goa's Manohar International Airport,
said the deal was part of its strategy to strengthening its
presence in core assets.
Fraport said the deal, which it expects to close in 180
days, will help it reduce its debt. It said the AAI and GMR
shareholders have to approve the deal.
GMR's shares closed down 0.2%, while Fraport's were up 1%.
(Reporting by Ashna Teresa Britto in Bengaluru; Editing by
Savio D'Souza)
((AshnaTeresa.Britto@thomsonreuters.com;))