NIIF partners with GMR Airports to invest Rs 631 cr in three airport projects

GMR Airports (GAL), the airport business holding entity and a subsidiary of GMR Airports Infrastructure (formerly known as GMR Infrastructure Limited) and NIIF (National Investment and Infrastructure Fund) announced a financial partnership for NIIF to invest in the equity capital of three airport projects. These include the greenfield international airports at Mopa, Goa and Bhogapuram, Andhra Pradesh.

The transaction envisages NIIF making a primary investment of Rs 631 crore in the form of Compulsory Convertible Debenture (CCD) in GMR Goa International Airport (GGIAL), a special purpose vehicle to run and operate the New Goa Airport. The transaction is subject to customary completion conditions & necessary approvals. This investment shall be NIIF's first investment in an airport asset in the country and its first direct investment in the state of Goa.

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