India-based GVK Power & Infrastructure has signed an agreement to divest a 49% stake in airport business to Abu Dhabi Investment Authority (ADIA) and the National Investment & Infrastructure Fund (NIIF).
Proceeds from the transaction will be used to retire the company’s debt obligations of Rs57.5bn ($825m).
The proceeds from this deal will also help GVK to ward off attempts by Adani Group to acquire a stake in Mumbai International Airport (MIAL). GVK currently holds a 50.5% stake in the airport.
[Source: Airport Technology]
