India: March 25, 2015: GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, on March 24, 2015 entered into an agreement to acquire 24,50,00,000 shares of face value of Rs.10 each, representing 10% equity stake in Delhi International Airport Private Limited (DIAL) from Malaysia Airports (Mauritius) Private Limited (Malaysia Airports) for a consideration of USD 79 million. DIAL is a special purpose vehicle formed to carry out development, operation and management of Indira Gandhi International Airport, Delhi (Delhi Airport).
Commenting on the development Mr. Sidharath Kapur, President and Chief Financial Officer-GMR Airports Limited (GAL) said,“We have a long relationship with Malaysian Airport Holdings Berhad in our airport business. The acquisition has largely been precipitated by the desire of MAHB to exit and our intent of consolidation of stake in the prime airport of India. The acquisition is subject to approval of Airports Authority of India (AAI) and other customary approvals.”
GAL currently holds 54% equity stake in DIAL and post proposed acquisition of the entire stake of Malaysia Airports, the stake will increase to 64%.