France’s Groupe ADP to buy 49% stake in GMR airport biz for Rs 10,780 cr

GMR Infrastructure on Thursday announced that France's Groupe ADP will acquire 49 per cent stake in its airport business for Rs 10,780 crore, a move that will help the group reduce debt burden.

"The first tranche of Rs 5,248 crore will be received by GMR Group immediately. This money will help deleverage the group further and result in improved cash flows and profitability," the group said in a statement.

Under a share purchase agreement, Groupe ADP would have 49 per cent stake in GMR Airports Ltd (GAL) for an equity consideration of Rs 10,780 crore. This values GAL at the base post money valuation of Rs 22,000 crore.