GMR Airports Infrastructure Ltd announced on 9 September that it has entered a major acquisition to buy a 10% stake in Delhi International Airport Limited from Fraport AG Frankfurt Airport Services Worldwide for a consideration of $126 mn. Inked through a Share Purchase Agreement between GMR Airports and the German-based Fraport AG, who has been a long-term associate in the operations of DIAL.
The deal is seen as a strategic move by GMR to secure its position at Delhi Airport, which is among the busiest and most crucial aviation hubs in India. This purchase would raise GMR’s overall stake in DIAL and, therefore, extend its scope over management and operations. Delhi International Airport handles millions of passengers annually and is of utmost importance in the aspect of domestic and international travel to and within India.
Fraport AG, a global leading airport services company, is exiting after a long association with DIAL as it focuses on other global ventures. For GMR, the buyout enhances its portfolio in the airport infrastructure sector, where already various key airports are managed by the group both within and outside India. The deal is part of GMR’s broader strategy to expand and deepen its presence in the aviation sector following its resurgence post- COVID-19 pandemic.
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Source: Moneycontrol
News Desk
