Fraport to sell stake in Delhi’s Indira Gandhi International Airport
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Global airport operator Fraport AG with interests in airport across Europe, Asia and South America is selling its 10% stake in Delhi’s Indira’s Gandhi International Airport (DEL).
Under the agreement signed today (September 9), Fraport is selling its entire stake in DEL operator, Delhi International Airport Limited (DIAL), to its majority owner, GMR Airports Infrastructure Limited (GIL) for $126 million.
Fraport CEO Dr. Stefan Schulte said: “After a successful 18-year partnership driving impressive growth in Delhi, it’s time to start a new chapter.
“We look back with pride on the various milestones we’ve achieved together with GIL. We jointly upgraded and expanded Delhi Airport into one of Asia’s leading air transportation hubs.”
Despite the divestiture, Fraport will continue to support operations at DEL under an existing Airport Operator Agreement.
“I’m pleased that we will support and stay connected with our partners in Delhi even after the closing of the transaction,” added Schulte.
The Fraport Group has held its stake in Delhi Airport since India’s capital gateway was privatised in 2006. It expects today’s agreement to be ratified within the next 180 days, subject to approval in particular by Airports Authority of India (AAI) and GIL shareholders.
According to Fraport, the additional cash inflow from the divestiture will contribute to further reducing the Group’s net financial debt.
