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GMR resetting airports business
16 December 2009
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[india]
[GMR]
[airports]
Indian infrastructure group, GMR, plans to spin off its domestic airports business – which includes equity investments in Delhi and Hyderabad airports – into a separate standalone entity. Currently, GMR Indian airport business is rolled together with its investments in power and roads into the Bombay-listed GMR Infrastructure Limited.
Sidharath Kapur, CFO-airports at GMR Group, says that GMR is hoping to raise around $400 milllion from private equity by the end of the first quarter 2010 to take its airports business private to "grow and consolidate the business". The group is reportedly in talks with 3i's Indian infrastructure fund and the Macquarie-SBI fund. The ultimate aim is to re-list the business, and its future plans may also include subsuming GMR International's stake in the Istanbul Sabiha Gockcen airport into the new entity.
A combined domestic and international airports business should provide synergies and flexibility, in terms of raising debt at the holdco...
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