NEW DELHI: Infra main GMR Group on Wednesday mentioned it has entered into an settlement with a completely owned subsidiary of Abu Dhabi Investment Authority (ADIA) for an investment of Rs 6,300 crore within the type of structured debt devices, permitting the previous to scale back its pledged shareholding on its airports enterprise. The group will use this cash to refinance all exterior debt of GMR Enterprise Pvt Ltd (GEPL), the promoter of GMR Airports Ltd (GAL).ADIA is UAE’s largest sovereign wealth fund.
Kiran Grandhi, company chairman of GMR Group, mentioned: “This investment from ADIA will facilitate the repayment of all external debt at GEPL, strengthening our ability to support the continued growth of GMR Airports. Over recent years, we have successfully reduced a significant quantum of corporate debt. This investment from ADIA will facilitate the repayment of all external debt at GEPL, strengthening our ability to support the continued growth of GAL.”
The GMR promoter group’s pledge on its shareholding in GAL will scale back considerably as soon as this deal is full. GEPL plans to consolidate a number of lenders right into a single supply of capital by this train.
Khadem AlRemeithi, government director of the infrastructure division at ADIA, mentioned: “India’s aviation sector has strong growth prospects, backed by the positive long-term fundamentals of the Indian economy, while GMR Group is one of the country’s leading airport operators. This investment aligns with our approach of backing entities which are developing world-class transport assets that benefit from demographic growth and increased economic connectivity.”
