India’s GMR Group is to sell its 40 per cent stake in Istanbul’s Sabiha Gokcen International Airport for 200-250 million (approximately Rs 2,500 crore. For this, the GMR Infrastructure, India’s largest private airport developer, has entered into a definitive agreement with Turkey’s TAV Airports Holdings.
For the transaction, now it needs the approval of its partners in the airport.
In the Istanbul Airport, Malaysia Airports Holdings owns 20 per cent while Limak Holdings has 40 per cent stake. Both hold rights of refusal over GMR’s holding. GMR Group has a total debt of Rs 41,0000 cr.
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