Tatas check into airport business, buy stake in GMR as part of consortium

GMR group sells stake in airports arm to Tata, GIC, SSG for Rs 8,000 crore; deal to cut GMR Infra's debt by 40%

The GMR group is selling 46 per cent share in its airport business to a three-member consortium that includes the Tatas in Rs 8,000-crore deal to reduce its debt. The deal will give India's largest conglomerate indirect stakes in seven airports in India and abroad.

The deal values GMR's airport business at Rs 22,475 crore.

The Tata group runs airlines, charters and aviation catering business but its efforts to own and operate airports were unsuccessful till now. It had expressed interest for Navi Mumbai airport and projects but did not bid for them. 

While GMR had been in discussions with