Hyderabad Airport acquires 70% stake in ESR GMR Logistics Park
Post this acquisition, ESR GMR Logistics Park has become a wholly owned subsidiary of GMR Hyderabad International Airport (GHIAL).
GMR Hyderabad International Airport (GHIAL) had entered into a Share Purchase Agreement
(SPA) for the acquisition of a 70% stake in its associate company, ESR GMR Logistics Park (EGLPPL), with other shareholders of EGLPPL i.e ESR Group.
“It may be noted that upon fulfilment of conditions precedent, the process of transfer of shares and exchange of consideration between the GHIAL and ESR Group has been concluded,” reads the GMR Airports BSE filing.
GMR Hyderabad Aerotropolis Limited (GHAL), a wholly owned subsidiary of GHIAL continues to hold a 30% stake in EGLPPL.
Post this acquisition, EGLPPL has become a wholly owned subsidiary of GHIAL.
It also reads, “This is a strategic acquisition which will expand and strengthen our Airport-based industrial and warehousing asset portfolio.”
In January 2020, GHAL entered into a joint venture with ESR Hyderabad (ESR), a subsidiary of Hong Kong-headquartered ESR Cayman, to develop a logistics and industrial park at the Hyderabad airport city.
The park was proposed to be developed over 66 acres at a project outlay of ₹550 crore, in which ESR and GHAL held 70% and 30% stake, respectively.
