Tata group, Singapore’s sovereign wealth fund GIC Private Limited and Hong Kong-based SSG capital management will co-invest in the GMR infrastructure airport business. The deal is approximately valued at ₹18,000 crore and will help the debt-laden GMR to bring down its debt by 40 per cent.
GMR currently operates India’s busiest airport — Indira Gandhi International Airport, along with Rajiv Gandhi International Airport, which ranks fourth busiest in the country.
The consortium will invest ₹ 8,000 crores ( 1.2 billion $) in GMR airport units and will become the second corporate to enter into India’s airport sector after the Adani Group. Post the deal the Tata’s will hold 20 per cent stake in the company, while GIC and SSG will get 15 per cent and 10 per cent respectively.
Tata group’s investment will mark the company’s strategic entry from airline operations to airport infrastructure. According to the deal, GMR management will continue to run the primary operations, while the new investors will find representation on board.
The Tata-GIC-SSG trio beats the Japanese diversified conglomerate Mitsubishi to seal this deal.