Mega Deal: GMR Infrastructure on February 20 announced that France's Groupe ADP will acquire 49 percent stake in its airport business..

GMR Infrastructure on February 20 announced that France's Groupe ADP will acquire 49 percent stake

GMR Infrastructure on February 20 announced that France's Groupe ADP will acquire 49 percent stake in its airport business for Rs 10,780 crore, a move that will help the group reduce debt burden.

"The first tranche of Rs 5,248 crore will be received by GMR Group immediately. This money will help deleverage the group further and result in improved cash flows and profitability," the group said in a statement.

Citing 2019 passenger statistics, the statement said the combined passengers handled by GMR Airports and Groupe ADP stands at 336.5 million, "the highest across the world".

GMR Group operates Indira Gandhi International Airport in New Delhi, Hyderabad's Rajiv Gandhi International Airport and Mactan Cebu International Airport in partnership with Megawide in Philippines.

Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.

"The partnership with Groupe ADP is in line with GMR's business direction to become a global airport developer and operator... With Groupe ADP, GMR will have smoother access to global markets, opening up newer avenues of business growth," said GMR Group Chairman GM Rao said.