Mon Sep 09 14:59:40 UTC 2024: ## GMR Airports to Increase Stake in Delhi Airport to 74%

**New Delhi:** GMR Airports Infrastructure Ltd has announced plans to increase its stake in Delhi International Airport Ltd (DIAL) to 74% by acquiring an additional 10% from Fraport AG Frankfurt Airport Services Worldwide. The deal, valued at approximately $126 million, is subject to approval from the Airports Authority of India (AAI) and DIAL shareholders and is expected to be finalized within 180 days of signing the share-purchase agreement.

The move will solidify GMR Airports’ position as the majority shareholder in DIAL, India’s largest and busiest airport. The state-run AAI currently holds a 26% stake in the airport.

GMR Group, the parent company of GMR Airports, has been involved with DIAL since 2006, when it won the concession to operate and develop the Indira Gandhi International Airport. The initial concession period was 30 years, with an option for an additional 30 years.

This acquisition follows a similar move in 2015, where GMR Group acquired a 10% stake from Malaysia Airports Holdings Berhad, bringing its stake to 64%.

Delhi airport, which handles approximately 20% of India’s domestic and international traffic, saw a 12.8% increase in passenger volume in FY24, reaching 73.7 million passengers. With a total capacity of 104 million passengers, the airport plays a crucial role in India’s aviation sector.

GMR Group Chairman Kiran Kumar Grandhi stated that the increased stake in DIAL aligns with the company’s strategy of consolidating its presence in key assets and highlights the importance of Delhi airport in its portfolio.

Fraport, a German transport company, operates the Frankfurt am Main airport and has interests in various airports worldwide, also offering ground-handling services.

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