GERMANY/INDIA. Fraport is selling its 10% stake in Delhi International Airport Limited (DIAL) – the joint venture that operates Indira Gandhi International Airport – to its majority owner GMR Airports Infrastructure Limited (GIL) for US$126 million.
After the agreement was signed today, Fraport CEO Dr. Stefan Schulte said: “After a successful 18-year partnership driving impressive growth in Delhi, it’s time to start a new chapter.
“We look back with pride on the various milestones we’ve achieved together with GIL. We jointly upgraded and expanded Delhi Airport into one of Asia’s leading air transportation hubs.”
Despite the divestiture, Fraport will continue to support operations at the airport under an existing Airport Operator Agreement.
Schulte said: “I’m pleased that we will support and stay connected with our partners in Delhi even after the closing of the transaction.”
Fraport Group has held its stake in DIAL since India’s capital gateway was privatised in 2006. Fraport expects the transaction to be closed within the next 180 days, subject to approval in particular by Airports Authority of India and GIL shareholders.
The additional cash inflow from the divestiture will contribute to further reducing Fraport’s net financial debt. ✈
