Indian conglomerate GMR Infrastructure has closed the sale of its 40% stake in Istanbul’s Sabiha Gokcen International airport to Malaysia Airports Holdings (MAHB).
The Indian company received INR17.4 billion ($296 million) for the stake sale, says GMR in a statement.
The deal will help the company reduce part of the INR14.1 billion debt it carries on its balance sheet, in addition to other loans.
In February, MAHB announced that it would buy the stake in the airport for €225 million, or $308 million, to take its stake in the airport to 60%.
“This transaction signifies GMR’s ability and consistent delivery in finding the best value for its assets and also to execute and complete a complex, cross boarder transaction at a time when the infrastructure segment is passing through a rough phase,” says GMR chairman G.M. Rao.
The Istanbul divestment follows a 25 April announcement by the Philippines Department of Transportation that a consortium of GMR and Filipino firm Megawide was awarded the concession for the Mactan Cebu International Airport expansion project. The two partners paid Ps14.4 billion ($320 million) to the Mactan Cebu International Airport Authority, as an upfront premium for the award of the contract in early May.
The operations of the airport will be formally handed over to GMR-Megawide later this year.
GMR also operates New Delhi’s Indira Ghandi International Airport and Hyderabad International Airport.