GMR Airports Limited, India, and National Investment and Infrastructure Fund (NIIF) have come together to invest in the equity capital of three greenfield international airports in India namely Mopa, Goa, and Bhogapuram, Andhra Pradesh. The transaction envisages NIIF making a primary investment of INR 6.31bn in the form of a Compulsory Convertible Debenture (CCD) in GMR Goa International Airport (GGIAL), a special purpose vehicle to run and operate the New Goa Airport. The transaction is subject to customary completion conditions & necessary approvals.
This investment shall be NIIF’s first investment in an airport asset in the country and its first direct investment in the state of Goa.
GBS Raju, Business Chairman, Airports, GMR Group, said: “It is a proud moment for GMR Group having developed Mopa Airport. Goa is the prime holiday destination in India and is visited by travelers from across the world. Our partnership with NIIF which will also extend to two more airports is a further testament to GMR’s credibility as an Airport Infrastructure developer and the future of the Aviation industry in the country."
Vinod Giri, Managing Partner, Master Fund, National Investment, and Infrastructure Fund Limited, said: “NIIF believes that Mopa international airport will boost air connectivity to the state and provide strong tailwinds to the tourism-linked economy of Goa. In line with the fund strategy, this investment complements the existing portfolio and is the first step for NIIF to expand its presence in the airport sector."
GMR Airports Infrastructure’s net revenue increased by 17% year-on-year to INR 1,126 crore in Q2FY23. It reported a net loss of INR 195 crore in Q2FY23 as against a net loss of INR 113 crore in Q1FY23 and a net loss of INR 502 crore in Q2FY22.