GMR Hyderabad International Airport acquires 70% stake in Logistics Park

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GMR Airports Ltd on Thursday said its subsidiary GMR Hyderabad International Airport Ltd has completed the acquisition of 70 per cent stake in its associate company -- ESR GMR Logistics Park Pvt Ltd.

GMR Hyderabad Aerotropolis Ltd (GHAL), a wholly-owned subsidiary of GMR Hyderabad International Airport, already holds a 30 per cent stake in ESR GMR Logistics Park Pvt Ltd (EGLPPL).

EGLPPL, an associate company of GMR Hyderabad International Airport, is into development of warehousing and logistics parks in Hyderabad.

For the transaction, GMR Hyderabad International Airport had entered into a share purchase agreement with other shareholders.

"... Upon fulfilment of conditions precedent, the process of transfer of share and exchange of consideration between the GHIAL and ESR Group has been concluded," GMR Airports said in a regulatory filing on Thursday.

According to a filing made on May 21, GHIAL was to buy the 70 per cent stake in ESR GMR Logistics Park Pvt Ltd for a little over Rs 41 crore.

"This is a strategic acquisition which will expand and strengthen our airport based industrial and warehousing asset portfolio," the filing on Thursday said.

Shares of GMR Airports Ltd rose 1.44 per cent to close at Rs 84.75 apiece on the BSE on Thursday.