GMR Airports' subsidiary to buy stake in co for Rs 41 crore

New Delhi, May 21 (PTI) GMR Airports Ltd on Wednesday said its subsidiary GMR Hyderabad International Airport Ltd will buy 70 per cent stake in its associate company ESR GMR Logistics Park Pvt Ltd for a little over Rs 41 crore.

GMR Hyderabad Aerotropolis Ltd (GHAL), a wholly owned subsidiary of GMR Hyderabad International Airport, already holds 30 per cent stake in ESR GMR Logistics Park Pvt Ltd (EGLPPL).

For the transaction, GMR Hyderabad International Airport has entered into a share purchase agreement with other shareholders.

"Upon conclusion of the transaction, EGLPPL would become a wholly owned subsidiary of GHIAL," a regulatory filing said.

EGLPPL, an associate company of GMR Hyderabad International Airport, is into development of warehousing and logistics park in Hyderabad.

The transaction will be in furtherance to GMR Hyderabad International Airport's strategy of airport land development at Hyderabad such as building and creating diversified asset portfolios of industrial & warehousing, commercial, hospitality and retail, that assist the overall airport and aid socio economic development of the region, the filing said. PTI RAM TRB