GMR Airports Limited (GAL) has tightened its grip on India’s travel retail sector by acquiring a 49.90% equity stake in Delhi Duty Free Services Private Limited (DDFS). The stake was purchased from Delhi International Airport Limited (DIAL), another subsidiary of the company, for an aggregate consideration of approximately Rs 183 crore.
Following this transaction, GMR Airports' total shareholding in DDFS has increased to 66.93%, up from its previous indirect holding.
The move comes as GAL, which operates under the brand name GMR AERO, transitions from a traditional airport operator to a consumer-first platform. The company was recently appointed as the new concessionaire for the Delhi Duty Free business and officially took over operations at Indira Gandhi International (IGI) Airport on July 28, 2025.
In a regulatory filing, the company stated that acquiring DIAL’s stake is in its best interest as it seeks to explore duty-free business opportunities both across India and in international markets. GMR Aero already manages duty-free operations at airports in Goa, Kerala (Kannur), and Indonesia (Medan), with plans to fully take over Hyderabad operations in early 2026.
DDFS has demonstrated consistent growth, reflecting the broader recovery in the aviation sector. The company’s revenue performance over the last three years shows a steady upward trajectory with revenue increasing from Rs 1,542 crore in FY23 to Rs 2,177 crore in FY25.
The acquisition was structured as a related party transaction on an arm's length basis and has received all necessary internal approvals. No additional governmental or regulatory approvals were required for the transfer.
To spearhead this new phase, GMR Group recently appointed Chiragh Oberoi as the Chief Executive Officer of Delhi Duty Free. Oberoi, who previously served as CEO of Regional Duty Free at GMR Aero, is tasked with driving digital transformation and strategic marketing for what is now India’s largest duty-free enterprise.
With passenger traffic at GMR-operated airports rising 7% year-on-year to 11 million in November 2025 alone, the consolidation of DDFS is expected to significantly boost the group's non-aeronautical revenue streams.