GMR Group has secured ₹6,300 crore in debt funding from the Abu Dhabi Investment Authority (ADIA), UAE’s largest sovereign wealth fund.
Upon completion of the deal, GMR Group announced its intention to utilize the funds for the refinancing of all outstanding external debt of GMR Enterprise Private Limited (GEPL), the parent company of GMR Airports Limited (GAL), previously known as GMR Airports Infrastructure Limited.
Additionally, this will reduce the GMR promoter group’s pledge on its shareholding in GAL. GMR Group manages three airports in India—Delhi, Hyderabad, and Goa—and operates two airports in the Philippines and Indonesia.
Kiran Grandhi, corporate chairman, GMR Group, said, “Over recent years, we have successfully reduced a significant quantum of corporate debt. We have also demerged GMR Power and Urban Infra from GMR Airports Infrastructure, and merged GMR Airports with GMR Airports Infrastructure to form GMR Airports, a pure-play, publicly-listed airport platform. This investment from ADIA will facilitate the repayment of all external debt at GEPL, strengthening our ability to support the continued growth of GAL.”
Khadem AlRemeithi, executive director of the infrastructure department at ADIA, said, “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 that are developing world-class transport assets that benefit from demographic growth and increased economic connectivity.”
