GMR Airports Infrastructure (formerly GMR Infrastructure) (GIL) has entered into a Share Purchase Agreement (SPA) with Fraport AG Frankfurt Airport Services Worldwide (Fraport), towards acquisition by GIL from Fraport, of their current minority 10% equity stake in Delhi International Airport (DIAL), a subsidiary of the Company. The said acquisition would be for a negotiated aggregate consideration of USD 126 million.
GIL currently holds 64% of the paid-up capital of DIAL and post the proposed acquisition, its stake in DIAL would increase to 74%. Airports Authority of India (AAI) continues to holds 26% equity stake of DIAL. Post consummation of the Transaction, Fraport's appointment as the Airport Operator of DIAL shall continue to be governed by the Airport Operator Agreement and/or any other agreement(s) executed in relation to its role as the Airport Operator.
The transaction, subject to the AAI's approval and approval of GIL Shareholders, along with customary closing conditions, is expected to be concluded within 180 days from the date of execution of the said SPA.