INSUBCONTINENT EXCLUSIVE:
Delhi facilities with a combined value of around $1 billion.
GVK Power and Infrastructure, which runs Mumbai airport and GMR Infrastructure,
which runs Delhi airport, are set to offload significant stakes in the entities, multiple sources with direct knowledge of the matter told
ET.
Australian infrastructure investor AMP Capital is said to be in advanced talks with GVK to pick up a strategic stake in the airport
holding company at a valuation of about Rupees 3,000-3,500 crore
4,500 crore, said the people cited above.
Citigroup is managing the sale for GVK and Morgan Stanley for GMR, they said.
Both groups are
laden with debt and have been on a quest to raise funds to meet repayment obligations
GVK holds a 50.5 per cent stake in Mumbai International Airport Ltd (MIAL), which owns 74 per cent of Navi Mumbai Airport Pvt
A preliminary agreement is expected to be signed before Diwali, which is in early November, said one of the sources mentioned above.
AMP
Capital declined to comment
tranches in 2016 and 2017
The firm had a 43 per cent stake in BIAL.
Mumbai airport handled 48.50 million passengers in 2017-18 and holds the record for being the
is a key global investor in infrastructure assets
Its airport holdings include Melbourne and Launceston in Australia, and Leeds Bradford and Newcastle in the UK
It owns or operates assets in the Philippines, Goa and Greece
Delhi airport handles about 57.7 million passengers annually, while Hyderabad handles 15.2 million
In Goa, which already has an airport run by the Indian Navy, GMR is set to start building a Rupees 3,000-crore facility in January
GMR is also partnering Greek infrastructure major Terna SA to develop a new international airport at Heraklion in Crete.
The firm has begun
the process for an initial public offer (IPO) of the airport holding entity
distressed assets globally
It has struck deals worth $180 billion in operating companies, real estate, equity, credit and other financial assets in the last two
Domestic passenger traffic grew 20 per cent, while international traffic grew 12 per cent in FY18, Centre for Asia Pacific Aviation (CAPA)
said.
According to a projection by CAPA, domestic passenger volumes are poised to touch 125 million by March, growing 18-20 per cent, and
may maintain that pace to reach the 150 million mark by March 2019.
