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GMR Airports has raised its stake in Delhi International Airport Ltd (DIAL) to 74% after acquiring a 10% share from Germany's Fraport for USD 126 million. The transaction was completed following regulatory approvals and necessary conditions. GMR has steadily increased its control over DIAL since the airport's privatisation in 2006, while Fraport's exit aligns with its shift away from Indian operations. IGI Airport has undergone significant expansion, with future projects aiming to boost its passenger capacity. The move strengthens GMR's position in airport infrastructure, both in India and globally, though its stock price dipped slightly post-announcement.
GMR Airports has expanded its stake in Delhi International Airport Ltd (DIAL) to 74% following the completion of a 10% share acquisition from Germany's Fraport. The company, a part of the GMR Group, had announced its agreement with Fraport AG Frankfurt Airport Services Worldwide last year to purchase the stake for USD 126 million. Advertisement
The transaction was finalised after obtaining the necessary approvals and meeting all conditions. With this acquisition, GMR Airports' stake in DIAL has risen from 64% to 74%. The Airports Authority of India (AAI) retains the remaining 26% share in DIAL, which operates Indira Gandhi International Airport, the largest airport in India.
GMR Group has been the majority stakeholder in DIAL since the airport's privatisation in 2006. Initially, the consortium included GMR, Fraport, Eraman Malaysia, and AAI. Over the years, GMR has gradually increased its stake, consolidating its presence in one of the country's most crucial aviation hubs.
Fraport AG, which originally held a 10% stake in DIAL, had been looking to exit its investment for some time. The company has been scaling back its presence in Indian airport operations as part of a broader strategy to focus on other international markets. This exit marks the end of its involvement in IGI's management.
Indira Gandhi International Airport (IGI) has witnessed significant expansion in recent years. The launch of Terminal 3 in 2010 transformed it into a major global aviation hub, and ongoing infrastructure projects, including the Phase 3A expansion, are expected to increase its passenger handling capacity to over 100 million annually. GMR's increased control over DIAL is likely aligned with long-term plans to enhance airport operations and cater to growing air traffic.
Apart from IGI, GMR operates several other airports in India, including those in Hyderabad and Goa, and has been actively expanding its global footprint. The company also has international airport projects in Greece and the Philippines, positioning itself as a key player in the global airport infrastructure sector.
GMR Airports' decision to increase its stake in DIAL reflects its long-term commitment to strengthening its control over major infrastructure projects. Additionally, with ongoing expansion projects at IGI aimed at increasing capacity, this move positions GMR to capitalize on the rising demand for air travel.
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