GMR Group to sell 49% stake in airport business to France's Groupe ADP

Rs 10,780 cr deal values GMR Airports at Rs 22,000 cr; pact with Tatas cancelled over airline ownership norms

GMR Group has signed an agreement with Groupe ADP of France to sell a 49 per cent stake in its airport-holding company. The group will raise Rs 10, 780 crore from the deal, which will help it pare debt. The deal values GMR Airports at Rs 22,000 crore. 

GMR had in March 2019 signed a definitive agreement with a Tata group-led consortium to sell 44 per cent in the company. In January this year, it decided to divest a 49 per cent stake. But despite getting clearance from the Competition Commission of India (CCI), the deal faced hurdles because it violated