Hyderabad airport stake sale: Malaysia's MAHB terminates pact with GMR; talks underway for fresh agreement
While MAHB on Wednesday announced it has terminated the share purchase agreement, GMR on Thursday said it is in discussions to enter into a fresh pact with the Malaysian entity.
MAHB cancels Hyderabad airport stake sale pact with GMR as buyer fails to fulfil obligations before 31 Dec
GMR Airports Limited entered into a pact with Malaysia Airports Holding Berhad and its subsidiary to acquire 11 percent stake that the Malaysian firm is holding in GMR Hyderabad International Airport.
Earlier in March 2013, the Group had divested its stakes in GMR Energy (Singapore) Pte Ltd. The divestment of these two assets is estimated to release around Rs 3,500 crore of capital, simultaneously reducing an estimated Rs 5,000 crore of debt.
Malaysia Airports Holdings Berhad plans to buy the entire 40 percent stake of Indian firm GMR Infrastructure Ltd in Istanbul's Sabiha Gokcen International Airport project for 225 million euro (over Rs 1,900 crore).