GMR Infrastructure gets NCLT nod for demerger of non-airport business

GMR Infrastructure on Thursday said it has received approval from the National Company Law Tribunal for the restructuring plan involving the demerger of the non-airport business.

GMR Infrastructure had unveiled the rejig plan on August 27 last year, to simplify the corporate holding structure and to attract sector-specific global investors.

"The Hon'ble National Company Law Tribunal, Mumbai Bench, has sanctioned the composite scheme of arrangement amongst GMR Power Infra Limited (GPIL), GMR Infrastructure Limited (GIL) and GMR Power and Urban Infra Limited (GPUIL) and their respective shareholders under Sections 230 to 232 of the Companies Act, 2013," it said in a statement.

The sanction was pronounced by the tribunal on December 22, 2021.

On August 27 last year, the board of GMR Infrastructure together with other group companies -- GPIL and GPUIL -- had decided on a composite scheme of arrangement including the demerger of the non-airport business of GMR Infrastructure.

"Separate listing of both the airport and non-airport businesses will also help in simplifying the corporate holding structure. The vertical split demerger will go a long way in facilitating deeper understanding of the airport business independently as compared to other business verticals within the group," GMR Infrastructure had said.

Currently, the GMR Group operates the Indira Gandhi International Airport in New Delhi, and Hyderabad's Rajiv Gandhi International Airport. It also operates the Cebu airport in the Philippines.

Its energy business has a diversified portfolio of around 4,995 MW generation capacity.