Leading Indian airport operator GMR Group secured $750 million (INR 63 billion) in debt funding from the Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund.
The group is to use the proceeds for refinancing debt of its promoter group entity GMR Enterprises (GEPL).
The group operates three airports in India — Delhi, Hyderabad and Goa — and two airports in the Philippines and Indonesia.
“Upon completion, GMR Group will use the proceeds of the transaction to refinance all external debt of GEPL, the promoter of GMR Airports.
“Also, upon completion, the GMR promoter group’s pledge on its shareholding in GAL will reduce significantly,” GMR said in a statement.
GMR Corporate Chairman Kiran Grandhi said the investment from ADIA will facilitate the repayment of all external debt at GEPL, enabling the strengthening of its ability to support the continued growth of GAL.
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