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<keyword id="2947686" type="UNKNOWN" weightage="100" keywordseo="GMR-Megawide">GMR-Megawide</keyword> is in race with six companies to acquire operations of five airports worth USD 2.4 billion in <keyword id="3750" type="COUNTRY" weightage="100" keywordseo="Philippines">Philippines</keyword> under PPP model, according to a statement issued by the Philippines government. 

	"These PPP projects involve development, operations and maintenance of the five regional airports," the statement said. 
 

	The private partner would provide necessary improvements to the airport to enhance passenger safety, security, access and bring in efficiency in passenger and cargo movement, operations as well as actively market the airports in order to develop direct international passenger traffic. 
 

	The five regional airports in Philippines currently being offered under PPP mode are Bacolod-Silay, Iloilo (Bundle 1), Davao, Laguindingan, and New Bohol (Panglao) (Bundle 2), the statement added. 
 

	These airports involve an estimated total cost of Php 108.19 billion (USD 2.40 billion), the statement said. 
 

	Mactan Cebu International Airport (MICA), currently run by GMR-Megawide, was the first airport in Philippines to be privatised under the administration's ambitious PPP programme aimed at modernising key infrastructure assets. 
 

	In the international competitive bidding process, GMR-Megawide Consortium had emerged as the highest bidder after offering a bid premium of 14.4 billion Philippine Pesos (approximately USD 305 million) for the airport. 
 The other prospective bidders who bid for the five airport projects are Metro-Pacific-JG Summit Consortium, Aboitiz Equity Ventures, <keyword id="14032" type="PERSON" weightage="100" keywordseo="Miguel">Miguel</keyword> Corp, Philippine Skylanders Inc and <keyword id="2947731" type="UNKNOWN" weightage="100" keywordseo="Union-Equities">Union Equities</keyword>. 
	 
	(Image credits: Indiatimes)

GMR-Megawide racing with six others to acquire 5 airports worth USD 2.4 billion

<ul><li>GMR Infrastructure Ltd (GIL) has entered into a strategic partnership with France's Groupe ADP to sell 49% stake in its airports arm for ₹10,780 crore.</li><li>The first tranche of ₹5,248 crore will be received by GMR Group immediately.</li><li>GMR will retain management control of the airports business while Group ADP will have representatives in the Board of Directors.</li></ul>GMR Infrastructure's share price soared over 11% on Monday (Feb 24) after the company announced that it has agreed to sell 49% stake in its airports business to Groupe ADP, which operates the <keyword id="8822771" type="UNKNOWN" weightage="20" keywordseo="charles-de-gaulle-airport">Charles-de-Gaulle airport</keyword> in Paris. Investors lapped up the shares of the Indian company that operates the airports in Delhi and Mumbai as the deal would give the much-needed money to repay debt as well as add credibility to GMR's ability to build and operate airports in other parts of the world. 
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 GMR Infra's net debt at the end of December 2019 stood at about ₹25,700 crore, according to Edelweiss. Aside from this, there are foreign-currency (convertible into shares) loans worth $300 million (about ₹ 21,000 crore). 43% of that belonged the infrastructure major's airport vertical. 
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 The first tranche of ₹5,248 crore will be received by GMR Group immediately, according to a company statement. "This money will help deleverage the Group further and result in improved cash flows and profitability. As part of the terms of transaction, GMR will retain management control of the airports business while Groupe ADP will have the customary rights and board representation at GAL and its key subsidiaries," it added. The development assumes significance since last year GIL had announced a pact with Tata Group and other investors to divest 49% stake in its airports business. However, there has been no movement regarding the same. GMR Group's airport portfolio has around 172 million passenger capacity in operation and under development, comprising India's busiest Indira Gandhi International Airport in New Delhi, Hyderabad's Rajiv Gandhi International Airport and the Mactan Cebu International Airport in partnership with Megawide in the Philippines. <div type="image" title="New Delhi: Passengers cross a road with their luggage, outside Delhi Airport dur..." msid="74278239" hostid="261" caption="&amp;lt;p&amp;gt;Passengers cross a road with their luggage, outside Delhi Airport during transport strike, in New Delhi. Commuters faced difficulties in reaching their destinations on Thursday as several private buses, taxis and autorickshaws remained off the roads due to a strike called by the UFTA against the amended Motor Vehicle Act provisions.Photo/Arun Sharma) (&amp;lt;/p&amp;gt;"></div>

 While greenfield projects under development include airport at Mopa in Goa and at Heraklion, Greece, in partnership with GEK Terna. The Group has also received Letter of Intent for development and operations of Nagpur Airport on PPP basis and has further emerged as the highest bidder for the development and operation of the greenfield airport at Bhogapuram in Andhra Pradesh. Furthermore, the group recently signed concession agreement to commission, operationalise and maintain the civilian enclave at the Bidar Airport in North Karnataka. With inputs from IANS SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/heres-how-max-financial-deal-with-axis-bank-will-benefit-both-companies/articleshow/74276841.cms" data-type="tilCustomLink" target="_blank">Here's how Max Financial deal with Axis Bank will benefit both companies</a>

Paris airport operator gives GMR Infra money to repay debt and access to global projects

New Delhi, Feb 21 () Competition Commission of India has given approval for GMR group's proposed 49 per cent stake sale in its airport business to France's Groupe ADP.The regulator's clearance is through the green channel, which allows for an automatic system for speedy approval of combinations, subject to certain conditions.On Thursday, GMR Infrastructure said the French group would acquire 49 per cent stake in its airport business for Rs 10,780 crore, a deal that will help the domestic entity reduce its debt burden.In a tweet on Friday, the watchdog said it has received "green channel combination filing from Aeroports de Paris SA for acquisition of 49 per cent stake in GMR Airports Ltd and 100 per cent stake in GMR Infra Services Ltd".Applications received under the green channel are deemed approved.Aeroports de Paris SA (ADP) would buy 100 per cent stake in GMR Infra Services Ltd and then 49 per cent shareholding in GMR Airports Ltd (GAL), as per a notice submitted to the regulator.GMR Infra Services is an operating and holding company. Its primary business is to hold shares in GAL, according to the notice.Under a share purchase agreement, Groupe ADP would have 49 per cent stake in GAL for an equity consideration of Rs 10,780 crore.Out of the total amount, Rs 9,780 crore would be towards secondary sale of shares by GMR group and Rs 1,000 crore would be equity infusion in GAL, GMR Infrastructure said in a statement on Thursday."As part of the terms of transaction, GMR will retain management control over the Airports Business with Groupe ADP having the customary rights and board representation at GAL &amp; its key subsidiaries," it had said.Earlier, GMR group was to enter into a deal with Tatas for the airport business.A GMR group spokesperson confirmed that the deal with Tatas has been called off.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.According to the notice that was submitted to the CCI regarding the deal with Groupe ADP, there are no horizontal overlaps, vertical links or complementary businesses between the acquirer and the targets in India.While the acquirer is Groupe ADP, the targets referred in the notice are GMR Infra Services Ltd and GAL."In the absence of any overlaps between the parties in India, the proposed combination does not raise any risk of adverse effect on competition in India, and is accordingly being submitted through the 'Green Channel' route...," the notice said. RAM BAL

GMR-Groupe ADP deal for airport business gets Competition Comm nod

<ul><li>The deal will result in the separation of GMR’s airports business from its other divisions. </li><li>Tata Group will get a 20% stake in the airports business. </li><li>An affiliate of Singapore <keyword id="169741" type="ORGANIZATION" weightage="20" keywordseo="sovereign-wealth-fund">sovereign wealth fund</keyword> GIC and a special situations and turnaround-focused investment firm, SSG Capital Management, will each own a 15% and 10% stake, respectively. </li><li>The deal will help GMR “substantially” pay down its debt and strengthen its balance sheet. </li></ul>India’s <keyword id="201409" type="DOMAIN" weightage="20" keywordseo="GMR-Infrastructure-Ltd">GMR Infrastructure Ltd</keyword>. (GIL), which operates the <keyword id="89772" type="LOCATION" weightage="20" keywordseo="Indira-Gandhi-International-Airport">Indira Gandhi International Airport</keyword>, has brought on the Tata Group as an investor in its airports business, in a restructuring deal valued at about ₹224.75 billion ($3.2 billion). Tata, along with an affiliate of Singapore sovereign wealth fund GIC, and SSG Capital Management, a special situations and turnaround investment firm, have agreed to together invest ₹80 billion ($1.15 billion) in GMR Airports Ltd, according to a company statement. GMR shares jumped almost 10% following the news of the deal. According to the terms of the deal, Tata will get a 20% stake in the airports business, while GIC and SSG will each own a 15% and 10% stake, respectively. Its existing private equity investors who hold 5.8% stake in the company will cash out as part of the deal. The deal will result in the separation of GMR’s airports business and “demerger” of its energy, highways, urban Infrastructure &amp; transportation businesses. The demerger and the resulting spin out will pave the way for a “restructuring” of the business, helping GMR pay down debt, and have other “multiple strategic benefits.” The ₹22.5 billion-deal, subject to regulatory approvals, also includes earn-outs of up to ₹4.5 billion over the next five years that will be payable by the investors based on certain performance-related milestones. GIL plans to retain management control over the Airports Business, while the investors will have board seats. As part of the transaction, the investors plan to pump in fresh equity of ₹10 billion into the airports business and spend ₹70 billion towards buying out shares from existing investors, according to the statement. “The proposed investment endorses the strength of the unparalleled Airport platform created by <keyword id="46306" type="COMPANY" weightage="20" keywordseo="GMR-Group">GMR Group</keyword> and will reduce our debt substantially, strengthening our balance sheet,” Grandhi Kiran Kumar, Managing Director &amp; CEO, GIL, said in the statement. The deal and the “large pool of capital” will help grow the GMR Airport infrastructure business, Kumar added. GMR’s airports portfolio includes the Indira Gandhi International Airport in New Delhi, Hyderabad’s <keyword id="114800" type="LOCATION" weightage="20" keywordseo="Rajiv-Gandhi-International-airport">Rajiv Gandhi International Airport</keyword>, and the Mactan Cebu International Airport in partnership with Megawide in Philippines.

You Searched For "GMR Megawide" and got 4 results

GMR-Megawide racing with six others to acquire 5 airports worth USD 2.4 billion

BI India Bureau

Paris airport operator gives GMR Infra money to repay debt and access to global projects

Sriram Iyer

GMR-Groupe ADP deal for airport business gets Competition Comm nod

PTI

Tata Group enters airports business with a $3.2 billion restructuring deal with GMR

Rimin Dutt

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