CCI gives go-ahead to proposed 49 per cent stake sale by GMR Group in its airport business

The Competition Commission of India has granted its approval to the proposed stake sale of the GMR Group’s 49 per cent shareholding in its airport business to France-based Aeroports de Paris SA (ADP). The Rs 107.8 billion transaction is to be carried out in tranches. GMR Infrastructure Limited has received a sum of Rs 52.48 billion as the first tranche of payment from ADP. GMR is looking to pare its outstanding debt from the sale proceeds.