NEW DELHI: GVK Airport Developers Ltd (GVKADL) and GVK Airport
Holdings Ltd
(GVKAHL), have signed a term sheet and exclusivity agreement with the
Abu Dhabi Investment Authority
(ADIA) and the National Investment and Infrastructure Fund (NIIF) for an investment in new shares in GVKAHL equating to a 49% stake. Infra Gorup GVK was looking for investors to reduce or refinance its debt by Rs 5,750 crore.
“Citigroup Global Markets India Pvt Ltd is the financial advisor to GVK for the transaction. ADIA and NIIF were selected as the preferred partners by GVK following this process. All proceeds from the proposed transaction will be used by GVK towards retiring debt obligations,” GVK said in a statement.
Group founder and chairman G V K Reddy said: “We are delighted to sign these agreements with ADIA and NIIF. The funds brought in through this proposed transaction will help us deleverage as we continue with our endeavours to create the infrastructure for a strong aviation hub in India that will provide the impetus for growth and development for the entire country. Our future focus will be on delivering
Navi Mumbai International Airport
, successfully monetising Mumbai airport’s real estate and building a strong airports business at GVK.”