Airport major GMR had been looking around for investors for quite some time. It finally got the Tatas along with Singapore’s GIC and SSG Capital Management. While the move signifies Tatas’ interest in the aviation business, it also points to a change of direction in the manner in which GMR conducts its business. A report.
The press release from GMR was straight forward.
“GMR Infrastructure Limited (GIL) today (March 27, 2019) announced a proposed investment by Tata Group (Tata), an affiliate of GIC, Singapore’s sovereign wealth fund GIC and SSG Capital Management in its Airports Business.
GIL has signed a binding term sheet with the investors pursuant to which the investors have agreed to invest 8,000 crores in GMR Airports Limited (GAL). The investment amount of 8,000 crores will consist of:
• 1,000 crores equity infusion in GAL; and
• 7,000 crores towards purchase of GAL’s equity shares from GIL and its subsidiaries. The proposed investment is subject to definitive documentation, customary regulatory approvals, lender consents and other approvals.
Following the investment, GIL proposes to demerge its Energy, Highways, Urban
Infrastructure & Transportation businesses, leading to separation of its Airport Business, subject to customary consents, regulatory and corporate approvals.”
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