SBI-Macquarie, Standard Chartered among GMR Airport investors
GMR Airport Holdings, a unit of Bangalore-based GMR Infrastructure - which operates two of India’s major airports - is reportedly set to receive INR15 billion ($333 million) from SBI-Macquarie, Standard Chartered Private Equity and a third unnamed PE player.
According to the Economic Times, which first reported the deal, SBI-Macquarie Fund will specifically contribute INR9 billion rupees ($200 million) of that figure, invested through compulsorily convertible prefererred shares. Standard Chartered and the third investor, reportedly the PE division of a bank, will invest through the same structure.
GMR Airport Holdings operates the Delhi International Airport, the Hyderabad International Airport and the Sabiha Gokcen Airport. The fresh capital injection will reportedly be used to for future acquisitions and developments, not on upgrading its current assets.
GMR Group counts an array of private equity players among its backers, including Singaporean SWF Temasek Holdings, which invested $200 million last year, and IDFC, which invested $75 million in June. In late 2009, reports initially surfaced that GMR Group was looking to raise as much as $450 million from 3i Group and the Macquarie SBI Infrastructure Fund for a minority stake in its GMR Airport Holdings subsidiary.
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