Mon Sep 09 14:28:37 UTC 2024: ## GMR Group Acquires Fraport’s Stake in Delhi Airport, Increasing Ownership to 74%

**New Delhi:** In a significant development, GMR Group has announced the purchase of a 10% stake in Delhi International Airport Ltd (DIAL) from German airport operator Fraport AG for approximately ₹1058 crore ($126 million). This acquisition marks Fraport AG’s exit from India after 18 years of investment.

GMR Group’s stake in DIAL will increase to 74%, while the Airport Authority of India (AAI) will retain the remaining 26%. Fraport was an original member of the GMR group consortium that won the bid to operate and manage Delhi airport in 2006. They initially invested ₹245 crore for a 10% stake and are exiting at over 4x valuation.

Kiran Kumar Grandhi, Corporate Chairman of GMR Group, stated that the acquisition aligns with the group’s strategy to consolidate its presence in core assets, highlighting the importance of Delhi airport in their portfolio. Fraport CEO Dr. Stefan Schulte expressed his continued support for operations at Delhi airport under an existing agreement, emphasizing their commitment to staying connected with partners even after the transaction.

The transaction is expected to be finalized within the next 180 days, subject to approval from AAI and GMR Airports Infrastructure Ltd shareholders. Industry observers suggest Fraport’s exit was anticipated, with valuation and GMR Group’s financial position being the primary considerations.

This development follows the acquisition of a 49% stake in GMR Group’s airport business by a French airport operator in 2020. The group has also successfully issued bonds to refinance high-cost debt.

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