CHENNAI: GMR Airports Limited (GAL) has completed acquisition of 11% stake of GMR Hyderabad International Airport (GHIAL), from Malaysia Airports Holdings Berhad (MAHB) Group.
Post these acquisitions, GAL shareholding in GHIAL, the company that manages Hyderabad International Airport, has increased from 63% to 74%, the company said in exchange filings on Friday. The deal is valued nearly $100 million and part of GMR Group’s efforts to consolidate its core assets.
GAL is a subsidiary of GMR Airports Infrastructure Limited and GHIAL is a step-down subsidiary of the company. The Telangana government and the Airports Authority of India will hold 13% stake each.
GMR Airports had earlier announced the share purchase agreement between Malaysia Airports Holdings Berhad (MAHB) and MAHB’s wholly owned subsidiary, MAHB (Mauritius) Private Limited (MAMPL) on October 25th last year. MAHB Group acquired the 11% stake from GMR in 2009 for USD 10 million. The Kuala Lumpur-based group’s efforts to streamline its investment and unlock value from its non-core assets, is in line with its growth strategy.
Passenger traffic in the Hyderabad airport crossed 1.86 crore as of December 31, as year to date, highest ever for the airport.