GMR Airports has acquired an additional 10% stake in the Delhi International Airport (DIAL) from Malaysia Airports, for $80m.
With the deal, the Malaysia Airports Holding Berhad (MAHB) subsidiary has exited the venture bringing GMR's share in the airport to 64.
GMR Airports has acquired 24,50,00,000 shares of DIAL for a value at INR10 ($0.15) a share. MAHB announced its intention to exit the venture in March, as it considered a minority share is not giving the company enough power to exert influence, reported Press Trust of India.
In a filing to the Malaysian stock exchange, MAHB said it was realigning its investment objectives to concentrate on companies where it could exercise more control over operational decisions.
The transaction will not affect the stakes of the two other shareholders, Airports Authority of India (AAI) and Fraport that own 26% and 10%, respectively.
DIAL was established in 2006 as a joint venture between the GMR group and AAI that owned 54% and 26% stake, respectively along with two foreign partners, Fraport and MAHB, each holding10%.
MAHB has invested more than $57.6m in DIAL between April 2006 and October 2008, bringing its total stake to 10%,moneycontrol.com reported.