India's GMR Airports, affiliates to buy 11% additional stake in Hyderabad airport

BENGALURU: India's GMR Airports and its affiliates will buy an additional 11% stake in GMR Hyderabad International Airport from Malaysia Airports Holding Berhad's unit, the company said in a statement on Wednesday.

GMR Aiports holds a 63% stake in GMR Hyderabad International Airport (GHIAL). The acquisition will raise its stake to 74%.

Airports Authority of India and the government of Telangana state each holds 13% stake in GHIAL.

GMR Airport entered into a share purchase agreement with Malaysia Airports Holding Berhad and its unit MAHB (Mauritius).

The deal is likely to be completed within a maximum of 135 days from the date of execution of the agreement.

The acquisition would be for a negotiated aggregate consideration of $100 million, the company added.