The Tata group has made its first investment in India's airports sector by buying 20% stake in the GMR group's airports vertical.
On Wednesday morning, GMR Infrastructure Limited (GIL) announced that it has raised₹8,000 crore from three investors in its airport vertical, GMR Airports Limited (GAL).
GIL has signed a binding term sheet with the investors, stating that the investment amount of Rs. 8,000 crore will consist of₹1,000 crore equity infusion in GAL and Rs. 7,000 crore towards purchase of GAL's equity shares from the parent company and its subsidiaries.
The proposed investment is subject to definitive documentation, customary regulatory approvals, lender consents and other approvals.
