GMR Hyderabad International Airport (GHIAL) a subsidiary of GMR Infrastructure (GIL), has divested its 100% stake in its subsidiary namely Asia Pacific Flight Training Academy (APFTAL) to a third party, for a token consideration.
APFTAL is engaged in the business of providing flight training and as per the latest unaudited financial statements for the Nine month period ended 31 December 2018, APFTAL had a turnover of Rs. 4.72 crore, PAT of Rs. (1.47) crore (excluding exceptional items) and accumulated losses of Rs. 11.37 crore.
Consequent to the above divestment, APFTAL has ceased to be a subsidiary of GHIAL and thereby also of GIL.
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