GMR Group: GMR Group on Wednesday said it has received debt finance of Rs 6,300 crore from Abu Dhabi Investment Authority (ADIA), which will be used to repay the debt of its promoters group company GMR Enterprises Pvt Ltd (GEPL). GEPL is the promoter of airport operating company GMR Airports Limited (GAL). The group operates three airports in India – Delhi, Hyderabad and Goa, besides two airports in the Philippines and Indonesia. Let us tell you that today on Wednesday, a rise of 2% was seen in the share of GMR Airport and this share reached the price of Rs 82.
What did the group say?
GMR Group said in a statement that it has entered into an agreement with its wholly-owned subsidiary of ADIA to invest Rs 6,300 crore in the restructured debt instruments of GEPL. The transaction is subject to compliance with certain conditions and regulatory approvals. According to the statement, GMR Group will use the proceeds from the transaction to refinance all external debt of GEPL. Besides, the shareholding of GMR promoter group in GAL will also reduce.
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Kiran Grandhi, Corporate Chairman, GMR Group, said this investment from ADIA will facilitate the repayment of all external debt at GEPL, strengthening our ability to support GAL’s continued growth. Khadim Alramizi, Executive Director, Infrastructure Department at ADIA, said India’s aviation sector has strong growth potential, supported by the positive long-term fundamentals of the Indian economy.
