GMR explores spinning off airport business, gets investment proposals

GMR Infrastructure Limited has formed a subcommittee of its board to look into the possibility of spinning off its airport business. The new panel will evaluate options of demerging the airports business as the company gears up for the next phase of growth, considering the government’s intent to privatise airports. The company has received multiple proposals from investors for its airport business and the subcommittee will evaluate them. Singapore’s GIC and Japanese conglomerate Mitsubishi Corporation are in the fray for a minority stake in GMR Airports. GMR will use the funds from the stake sale to pare debt.