GMR Hyderabad International Airport, a subsidiary of GMR Airports (NSE:GMRINFRA, BOM:532754) has agreed to acquire a
70% stake in its associate company, ESR GMR Logistics Park, for up to 413.3 million Indian rupees, according to a Wednesday filing to the Indian stock exchanges.
GMR Hyderabad Aerotropolis, a wholly-owned subsidiary of GMR Hyderabad, already holds a 30% stake in ESR GMR. Therefore, on completion of the transaction, ESR GMR will become a wholly owned subsidiary of GMR Hyderabad.
ESR GMR is engaged in the business of developing warehouses and logistics parks in Hyderabad, and the acquisition will help GMR Airports to scale up its industrial and warehousing asset portfolio.
The acquisition is expected to be concluded within one month, subject to achieving certain conditions.
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