GMR Infrastructure today said Macquarie SBI Infrastructure Investments had invested Rs 893 crore ($200 million) in its wholly-owned airport subsidiary, GMR Airports Holdings. The investment was made through compulsory convertible preference shares.
The subsidiary, which runs airports at Delhi, Hyderabad and Istanbul, will utilise the fund for new projects only. It recently won a bid to revamp and run the airport at Male (Maldives). According to industry sources, it is close to sealing another fund infusion deal of $100 million. The airport arm is the largest contributor to GMR Infrastructure’s top line. It accounted for 46 per cent of the company’s revenues in the third quarter of this financial year. GMR Infrastructure has also presence in power generation, highways development and special economic zones.
With Delhi airport contributing Rs 345 crore, revenue from the airport segment rose 66 per cent to Rs 626.4 crore in the third quarter. The airport arm had a debt of Rs 9,283 crore at the end of December 2010. GMR Infrastructure had Rs 15,300 crore debt on its books, 39 per cent more than the corresponding period last year.
It is also planning expansive aerotropoli at Delhi and Hyderabad. As part of the effort, the company recently awarded seven asset areas at Delhi airport to bidders for commercial development. For Hyderabad airport, it has tied up with two educational institutions as part of the land development plan.
The company is expected to take more debt on its book, as it will require more fund for some upcoming projects.
