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GMR to divest stake in Philippines' Cebu Airport for Rs.1,330-Cr

GMR to divest stake in Philippines’ Cebu Airport for Rs.1,330-Cr  

Publicly listed GMR Infrastructure Ltd (GIL) is to sell its entire stake in GMR-Megawide Cebu Airport Corporation (GMCAC) to Aboitiz InfraCapital Inc, (AIC) realising INR 1,330 crore. GMCAC, a Joint Venture between GMR and Megawide Construction Corporation, operates the Mactan Cebu International Airport (MCIA) in the Philippines. The transaction is being undertaken at an enterprise value of INR 7,050 crore, and GIL unit, GMR Airports International, will receive an upfront amount of INR 1,330 crore in lieu of shares and exchangeable notes held by it in GMCAC. GMR will continue to operate as the Technical Services Provider to GMCAC until December 2026, for which it would be entitled to additional deferred consideration based on the subsequent performance of GMCAC for the same period AIC is the infrastructure arm of Philippines' Aboitiz Group, which operates and develops economic estates, water facilities, digital infrastructure, transport and mobility projects.