INDIA. GMR Airports Limited announced yesterday (20 December) it has acquired 3,04,15,621 equity shares or 49.90% of the issued and paid-up share capital of its subsidiary Delhi Duty Free Services Private Limited (DDFS) from GMR Group-led consortium Delhi International Airport Limited (DIAL).
Following the IR183 crore (US$20.3 million) deal, GMR Airports holds 66.93% of DDFS’ paid-up equity share capital.
DDFS is primarily engaged in the development, operation and management of duty-free stores at Indira Gandhi International Airport, New Delhi.
As reported, GMR Airports Limited took over the running of DDFS on 28 July this year. Prior to that the travel retailer had been run as a joint venture between Delhi International Airport Limited, ARI subsidiary Yalorvin Limited and GMR Airports Limited.
In a filing to the National Stock Exchange of India, GMR Airports said DDFS had generated revenues in FY2023, 2024 and 2025 of IR1,541.83 crore (US$171.1 million), IR 1,940.98 crore (US$215.45 million) and IR 2,177.32 crore (US$241.7 million), respectively.
GMR Airports said, “Since the company was appointed as the new concessionaire for the Delhi Duty Free business and since the company would be exploring duty-free business opportunities in India and abroad, it would be in the best interest of the company to acquire DIAL’s stake in DDFS.
“The said acquisition of shares by the Company being a related party transaction is done on an arm’s length basis and was duly approved by the relevant authorities.”
No governmental nor regulatory approvals were required for the above acquisition.
GMR Airports already runs duty-free shops at Rajiv Gandhi International Airport, Hyderabad (which it will take over fully in its Q2 FY26); Manohar International Airport, Goa; and Kannur International Airport.
As reported, GMR Aero (the brand under which GMR Airports operates) named Chiragh Oberoi as Delhi Duty Free Chief Executive Officer in August.
Oberoi played a key part in transitioning the Delhi Duty Free business from its former tri-partite control to GMR Aero, managing stakeholders, navigating regulatory approvals and onboarding staff. ✈
