Groupe ADP (Aéroports de Paris) has signed a share purchase agreement to acquire 49% stakes in GMR Airports for a total consideration of INR107.8 billion (US$1.494 billion).

The operation will unfold in two phases: a first phase will be realized within the coming days for a 24.99% stake. The second phase, for 24.01%, is subject to certain regulatory conditions, notably obtaining the customary regulatory approvals for that type of project, in particular from the Reserve Bank of India.

Once this operation completed, GMR Airports will be jointly owned with GMR Infrastructure Limited, the listed entity of GMR Group, which will keep a 51% stake and retain control over the company. Groupe ADP will be granted highly extended governance rights.

GMR Airports, leading Indian airport group operating in a dynamic region, has a portfolio of world-class assets comprising seven airports in three countries (India, Philippines, and Greece) and a subsidiary specialized in project management ('GADL'). 

Three out of the seven airports are operated by GMR Airports: Delhi International Airport and Hyderabad International Airport in India (fully consolidated within GMR Airports' financial statements), Mactan-Cebu Airport in the Philippines (consolidated under the equity method in GMR Airports' financial statements). The four other airports, which welcomed 22 million passengers in 2019, are either currently under development (Goa and Heraklion) or won after a bidding process (Nagpur and Bhogapuram). They will be operated by GMR Airports once the works are completed.