Millennium Post

GMR arm DIAL to exit Delhi Airport cargo service ops

Delhi International Airport Ltd (DIAL), a subsidiary of GMR Infrastructure, has announced its exit from the cargo service operations at Delhi Airport by selling its entire stake to India Infrastructure Fund for Rs 29 crore.

“Delhi International Airport Private Limited (DIAL), an arm of GMR Infrastructure, has entered into a definitive agreement to sell its entire 26 per cent stake of the equity capital of Delhi Cargo Service Centre Private Limited which operates cargo operations at Delhi Airport,” GMR Infrastructure said in a regulatory filing to the BSE.

DIAL has agreed to sell its entire holding of 1.09 crore equity shares of face value of Rs 10 each to
India Infrastructure Fund -II (investment manager - IDFC Alternatives Limited), for Rs 26.20 per share aggregating a total consideration of Rs 28.60 crore. The consummation of share sale is subject to fulfilment of certain conditions precedent, the filing said.

Following the announcement, shares of GMR Infrastructure rose 1.08 per cent and were trading at Rs 18.70 on the BSE.

Meanwhile, Air India SATS Airport Services Pvt Ltd on Monday said it has received the IATA Safety Audit for Ground Operations (ISAGO) certification for adhering to high safety standards at Hyderabad’s Rajiv Gandhi International Airport and at its headquarters in Mumbai.

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