Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

GMR Infrastructure Inks Pact with Tata Group Firms

Infra News - Published on Mon, 08 Jul 2019

Image Source: thedollarbusiness.com
GMR Infrastructure Limited announced that it has executed definitive agreements for the proposed investment of INR 8,000 crore by Tata Group, an affiliate of GIC and SSG Capital Management in its Airports Business. This Share Subscription, Purchase Agreement, Shareholders Agreement and other related transaction documents were executed with TRIL Urban Transport Private Limited, an affiliate of GIC and SSG Capital Management for a proposed investment of INR 8,000 crore in GMR Airports Limited, a subsidiary of the GMR Infrastructure.

The proposed investment of INR 8,000 crore will consist of INR 1,000 crore equity infusion in GAL, and INR 7,000 crore towards purchase of GAL's equity shares from GIL and its Subsidiaries. The Company along with its affiliates GMR and the Investors had signed a Binding Term Sheet in respect of the Transaction on March 26, 2019, and execution of definitive documents is in continuation of the same.

The Parties had already initiated the process of obtaining the necessary regulatory approvals after signing the Binding Term Sheet and are in the process of satisfying the necessary conditions precedent in order to achieve an expeditious closure of the Transaction.

GMR will now focus on potential restructuring of the business by way of a demerger of its Energy, Highways, Urban Infrastructure and Transportation businesses, leading to separation of its Airport Business, subject to customary consents including corporate & regulatory approvals.

Source :

Posted By : Mohan Sharma on Mon, 08 Jul 2019
Related News from Infra segment