5 Nov 2024
GMR will use this money to consolidate multiple lenders into a single capital source.
GMR Group secured funding of ₹6,300 crore from the Abu Dhabi Investment Authority (ADIA), which it will use for refinancing the debt of GMR Enterprises Private Limited (GEPL), the promoter of GMR Airports. It will facilitate the repayment of external debt owned by GEPL and reinforce its ability to support the growth momentum at GMR Airports.
The group maintains Delhi, Goa, and Hyderabad airports in India, besides the international airports in the Philippines and Indonesia.
ADIA, the UAE’s largest sovereign wealth fund that invests on behalf of the Abu Dhabi government, started an approximate $5 billion fund to begin operations in GIFT City, Gujarat. GVK Group had secured a ₹7,600 crore funding from ADIA, the National Investment and Infrastructure Fund, and PSP Investments in 2019.
GMR Group has significantly reduced corporate debt, demerged GMR Power and Urban Infra from GMR Airports Infrastructure, and merged GMR Airports Infra with GMR Airports.