Delhi International Airport Pvt Ltd (DIAL), a subsidiary of GMR Infrastructure Ltd (GMR), has agreed to divest its entire 26 per cent stake in Delhi Cargo Service Centre Pvt Limited, which operates cargo operations at the Delhi Airport, to IDFC Alternatives, according to a stock market disclosure.
The stake would be picked by India Infrastructure Fund-II for Rs 28.60 crore (about $4.6 million).
The stake sale is, however, subject to fulfilment of certain conditions precedent.
Delhi Cargo Service Centre is a 74:26 joint venture between Cargo Service Center India Pvt Ltd and DIAL. Cargo Service Center, which is owned by former promoters of Blue Dart, has management and operational control of the JV.
IDFC Alternatives is already an existing investor in GMR Infrastructure.
Last year it joined hands with other co-investors in GMR Energy, including Singapore’s state investment company Temasek, to swap bulk of its holdings in the privately held power firm with a stake in the listed parent GMR Infrastructure. This came ahead of GMR Energy scrapping its proposed IPO.
IDFC Alternatives is yet to convert the convertible securities into shares of GMR Energy.
This is the second known deal for IDFC Alternatives this year. Last month it had reportedly bought a stake in a power project of Diliigent Power.
DIAL is a joint venture company among GMR Group, Airports Authority of India, Fraport and Malaysia Airports Holdings Berhad. Last month, DIAL raised $288.75 million in the international bond market to refinance one of the current outstanding external commercial borrowings.
Shares of GMR Infra were trading at Rs 18.65, up 0.81 per cent at 11:30 AM on Monday on BSE in a flat Mumbai market.
(Edited by Joby Puthuparampil Johnson)