Share this article

India-based GMR Infrastructure has signed a definitive agreement with Malaysian Airports Holding Berhard (MAHB) to sell its 40% stake in Sabiha Gokcen airport in Istanbul for €225m.

The move comes after Malaysian Airports, which owns a 20% stake in the airport, announced its decision to purchase GMR’s stake under the Right of First Refusal provision in shareholders agreement.

"The efforts of the Group taken in recent times will strengthen our balance sheet."

The transaction is subject to customary closing conditions such as the approval from relevant government authorities and the project lenders.

Commenting on the transaction, GMR Infrastructure chairman GM Rao said: "We at GMR Group continue to focus on creating liquidity and enhance value by effective portfolio management under our ALAR (Asset Light Asset Right) Strategy.

"The efforts of the Group taken in recent times will strengthen our balance sheet."

Rothschild India and White & Case have acted as financial advisors and legal counsels, respectively, to the company.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

GMR Infrastructure operates internationally, and is active in the airport, power, road, and engineering, procurement and construction (EPC) industries among others.

It develops and operates airport infrastructure, working to modernise and operate of international airports on a build, own, and transfer basis.