GMR Group enters into JV with Groupe ADP

GMR Group announced that it has entered into a partnership with Groupe ADP for a partnership in the airport business.

France's Groupe ADP had agreed to acquire 49 per cent stake in GMR's airport business for around a total of Rs 10,780 crore. This deal is considered to help GMR reduce its debt burden. GMR has received Rs 5,248 crore as the first tranche of payment from Groupe ADP. In the press release, the company stated that the end utilisation of money has been mainly for corporate debt reduction. Additionally, it has also provided an exit to the existing private equity investors in GMR Airports Limited.

JSW Energy and GMR Energy which is a subsidiary of the Group signed a share-purchase agreement to acquire the entire stake in 1,050 MW thermal power plants in GMR Kamalanga. The deal was reported to be valued at Rs 5,321 crore.

Headquartered in New Delhi, GMR Group is an infrastructure company. GMR Infrastructure Limited was formed to fund the capital requirements of various infrastructure projects across the sectors. It mainly undertakes the development of infrastructure projects through its various subsidiaries.

On Wednesday, the stock of the company closed at Rs 24.40, down by 4.50 or Rs 1.15 per share. The intraday high was Rs 25.45 and intraday low was Rs 24.20. The 52-week high is Rs 26.55 and 52-week low is Rs 14.05 on BSE.