DIAL is a subsidiary of GMR Airports and the latter currently holds a 64% stake in the company.
The company, formerly known as GMR Infrastructure Limited (GIL), has signed a share purchase agreement with Fraport to execute the transaction, the company said in a statement on Monday.
In addition to GMR and Fraport, the Airports Authority of India (AAI) holds a 26% stake in DIAL.
GMR Airports expects the agreement to be concluded within 180 days from the date of execution of the aforementioned SPA.
Kiran Kumar Grandhi, Corporate President of GMR Group, said the acquisition of an additional stake in DIAL is in line with the company’s objective of consolidating its presence in the Group’s core assets and signifies the importance of Delhi Airport in the Group’s overall portfolio. Fraport, being a 10% equity stake holder in DIAL, would be a related party to DIAL. Shares of GMR Airports closed today at Rs 91.20 on the NSE, up Rs 0.17 or 0.19% over Friday’s closing price.
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