Tata, GIC, SSG to pick up Rs 8,000 crore stakes in GMR's airport unit

The deal will pump Rs 1,000 crore into GMR Airports, a unit of GMR Infrastructure Ltd. and purchase Rs 70 billion of the airport unit's equity shares from the parent

A consortium including India’s Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest Rs 8,000 crore ($1.2 billion) to buy a stake in GMR Airports Ltd.

The deal will pump Rs 1,000 crore into GMR Airports, a unit of GMR Infrastructure Ltd. and purchase Rs 7,000 crore of the airport unit’s equity shares from the parent, according to a statement. GMR operates Delhi International Airport Ltd., the country’s biggest airport.

The deal values GMR Airports at Rs 18,000 crore, the company said in a filing. After the purchase, Tata will hold 20 per