March 27, 2019 / 4:43 AM / 25 days ago

Tatas, GIC, SSG to invest $1.16 bln in India's GMR Airports

March 27 (Reuters) - GMR Infrastructure said bit.ly/2UbRphT on Wednesday a consortium of Tata Group, an affiliate of Singapore's sovereign wealth fund GIC Private Ltd and SSG Capital Management will invest 80 billion rupees ($1.16 billion) in its GMR Airports Ltd unit.

GMR Infrastructure will hold a 54 percent stake and keep management control, while Tatas will hold about 20 percent, GIC 15 percent and SSG nearly 10 percent in GMR Airports Ltd after the investment.

The deal will also provide exit to existing private equity investors that hold a 5.8 percent stake in the airports unit.

The company proposes to demerge its airports business into a separate entity from its energy, highways, urban infrastructure and transportation businesses after the investment and also cut its debt.

Shares of the New Delhi-based GMR Infrastructure rose 4.11 percent in early trade in a broader Mumbai market that was up 0.42 percent. ($1 = 68.9890 Indian rupees) (Reporting by Chandini Monnappa in Bengaluru; Editing by Shreejay Sinha)

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