A consortium of Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest₹8,000 crore ($1.2 billion) to buy a stake in GMR Airports Ltd, which runs India’s biggest airport.
The deal will pump ₹1,000 crore into GMR Airports. A unit of GMR Infrastructure Ltd. and purchase ₹7,000 crore of the airport unit’s equity shares from the parent. GMR operates Delhi International Airport Ltd., Asia’s sixth biggest.
After the purchase, Tata will hold 20% in the airport unit, while GIC will get 15% and SSG will own 10%, the company said in a filing. The deal values GMR Airports at ₹18,000 crore.
GMR Infrastructure, which has net debt of $2.9 billion at the end of December 2018, has been selling assets to pay off liabilities. GMR competes with GVK Power & Infrastructure Ltd., which runs the airport in the financial capital of Mumbai.