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GMR Infrastructure completes strategic partnership deal with Groupe ADP

Wednesday, 08 Jul 2020
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GMR Infrastructure has completed its strategic partnership deal with Groupe ADP.

As per the revised Share Purchase Agreement, the Tranche-II of the investment for 24.01 percent of GMR Airports has been structured in two parts.

A firm amount, immediately paid at second closing, is for a total of Rs 4,565 crore, including Rs 1,000 crore equity infusion in GMR Airports.

Earn-outs amounting to Rs 1,060 crore, subject to the achievement of certain performance related targets by GMR Airports up to FY24.

Accordingly, Groupe ADP has increased Earn-outs for GMR Airports, which are now pegged at up to Rs 5,535 crore, compared to the earlier Rs 4,475 crore.

An amount of Rs 4,565 crore towards the second and final tranche payment from Groupe ADP has been received. This money will primarily be used for servicing debt, which will help deleverage GMR Group further and result in improved cash flows and profitability.

As part of the terms of the transaction, GMR Airports will retain management control over the airports business, with Groupe ADP having customary rights and board representation at GMR Airports and its key subsidiaries.

GMR Group’s airport portfolio has a passenger capacity of 172 million in operation and under development, comprising the Indira Gandhi International Airport in New Delhi, Hyderabad’s Rajiv Gandhi International Airport, Mactan Cebu International Airport in partnership with Megawide in Philippines. Greenfield projects under development include airports at Mopa in Goa and at Heraklion, Crete in Greece, in partnership with GEK Terna.

Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.

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