Mumbai: Delhi International Airport (P) Ltd (Dial), which runs Indira Gandhi International Airport, has entered into a definitive agreement to sell its entire 26% stake in Delhi Cargo Service Centre Pvt. Ltd, which operates cargo operations at the airport.
Dial is a subsidiary of GMR Infrastructure Ltd.
In its filing to stock exchange, GMR Infrastructure said 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 Ltd), for Rs.26.20 per share aggregating to a total consideration of Rs.28.60 crore.
IDFC Alternatives is IDFC Ltd’s alternative asset management vertical and manages over $3 billion on behalf of leading institutional investors from across the world.
The consummation of the share sale is subject to fulfilment of certain conditions precedent, GMR Infrastructure said.
Delhi Cargo Service Center is a joint venture between Cargo Service Center India Pvt. Ltd and Dial, with Cargo Service Center holding 74% equity (with complete management and operational control) and Dial the balance holding 26% .
The company is headquartered in Delhi, offering airport services through its greenfield air cargo terminal—‘Cargo Terminal 2’.
