GMR Infrastructure has brokered a deal to offload 49% of its stake in GMR Airports to a consortium led by Indian conglomerate Tata Group.
The consortium comprises Tata Group subsidiary TRIL Urban Transport and its overseas partners Singapore sovereign wealth fund GIC and SSG Capital Management.
The latest agreement revises the deal agreed last year in which the group of investors agreed to acquire the 45% stake in GMR Airports for Rs80bn ($1.2bn).
The increase in the transaction size to 49% has been confirmed by GMR Infrastructure in its stock exchange filing.
However, the move to increase the stake percentage is subject to receipt of regulatory approvals.
The Tata-GIC-SSG consortium clinched the deal, beating Japanese conglomerate Mitsubishi, which was also engaged in negotiations with GMR.
GMR Infrastructure has been offloading assets to pay off liabilities, which currently stand at $1.69bn, according to Financial Express.
In addition, GMR Infrastructure’s subsidiary GMR Goa International Airport has announced that the Supreme Court of India has removed the Environment Clearance suspension for the new airport in Mopa, Goa.
With the clearance from the top court in the country, construction work to build the airport is expected to resume soon.
In 2016, GMR Airports secured the bid to develop and operate the greenfield airport at Mopa and signed a 40-year concession agreement, with the option to extend it by 20 years.
Mopa International Airport is a greenfield airport located in the northern part of Goa, approximately 35km away from Panaji, the capital city of Goa.
A GMR Group spokesperson stated: “The new airport at Mopa is expected to enhance tourism and employment opportunities in Goa and open up new avenues for boosting the economy of the State. GMR Group assures its continued services towards nation-building.”