Tata Group, GIC and SSG Capital to acquire a 49% stake in GMR's airport unit for $1.16bn.

Tata Group, GIC and SSG Capital agreed to acquire a stake in GMR's airport unit, which manages airports in New Delhi and south Indian city of Hyderabad, for $1.16bn. Upon closing GMR Infrastructure will hold a 54% stake and keep management control, while Tata will hold about 20%, GIC 15% and SSG nearly 10% in GMR Airports. After the deal, which will take 2-3 months to complete, the debt-laden infrastructure company will go to its board for approval to “restructure and demerge” the airports business which will lead to its listing on stock exchanges.