GMR Group has received ₹6,300 crore investment from Abu Dhabi’s sovereign wealth fund ADIA and the funds will help in reducing the debt of promoter group entity GMR Enterprises Pvt Ltd (GEPL).

In October last year, the group had announced securing ₹6,300 crore debt funding from the Abu Dhabi Investment Authority (ADIA).

GMR Infra Enterprises Pvt Ltd (GIEPL) has received the amount towards the allotment of Optionally Convertible Debentures (OCDs) on January 7, according to a regulatory filing.

The company is a wholly-owned subsidiary of GEPL, a promoter group entity controlled by G M Rao. GEPL is the promoter of GMR Airports Ltd (GAL).

“This investment shall facilitate the company (GMR Enterprises Private Ltd, Promoter HoldCo) to pay down its debt, which was taken against pledge of shares and shall result in substantially reducing its share pledges and refinancing risk. This transaction establishes a capital partnership between GMR Promoters and ADIA,” the filing, submitted to BSE late on Tuesday, said.

GMR Group operates three airports in India — Delhi, Hyderabad and Goa — and two airports in the Philippines and Indonesia.

GMR Group’s airport business arm GMR Airports Infrastructure Ltd (GIL) on Monday said it has entered into a share purchase agreement with Fraport AG Frankfurt Airport Services Worldwide for acquiring the latter’s 10 per cent holding in Delhi International Airport Ltd (DIAL) for USD 126 million.

After completion of the deal, GIL’s stake in the joint venture will rise to 74 per cent from the current 64 per cent, the GMR Group said.

Public airports company Airports Authority of India (AAI) will continue to hold a 26 per cent stake in the venture, it said.

“GMR Airports Infrastructure Ltd (GIL) has entered into a share purchase agreement with Fraport AG Frankfurt Airport Services Worldwide (“Fraport”), towards acquisition by GIL from Fraport, of their current minority 10 per cent equity stake in Delhi International Airport Ltd.

“The said acquisition would be for a negotiated aggregate consideration of USD 126 million,” the company said in a release.

DIAL is a subsidiary of GIL.

“The acquisition of additional stake in DIAL is in line with our objective of consolidating our presence in core assets of the group and signifies the importance of Delhi airport in the overall Group portfolio,” G Kiran Kumar Grandhi, Corporate Chairman of GMR Group, said.

The transaction is subject to the approval of the AAI and GIL shareholders.

The deal is expected to be concluded within 180 days from the date of execution of the share purchase agreement, the company said.

“Fraport has been one of the original shareholders and have been our partners in airport (business) journey. They have extended significant technical support to Delhi Airport as per their role of airport operator,” said B S Raju, Business Chairman for Airports) at the GMR Group.

“Fraport being a holder of 10 per cent equity stake in DIAL, will be a related party to DIAL and accordingly in terms of Sebi Regulations, the proposed transaction is a related party transaction for GIL and meets the requisite RPT norms,” the company said.

DIAL is a subsidiary of GIL. Other than the direct shareholding of the company and the indirect shareholding by its promoters, GMR Enterprise Pvt Ltd and Aeroports de Paris SA, in DIAL, the promoters or promoter group do not have any other interest in DIAL, it added.

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The GMR Group, co-owners of IPL franchise Delhi Capitals, has agreed to a deal with English county team Hampshire to buy its major shares worth 120 million pounds (approximately ₹1278 crore).

Hence, Hampshire will become the first county side to be owned by an overseas entity, as the GMR Group will now have control over 51% of the team’s shares.

“The Delhi part-owners are understood to have beaten a second bid from rival Indian Premier League franchise Lucknow Super Giants with an offer which values Hampshire at £120 million, although that price includes the club’s debts of around £60 million,” the Telegraph reported.

Additionally, the GMR Group will also take control of the Utilita Bowl (cricket stadium at Hampshire), the Hilton hotel and a golf course at the same venue.

Apart from being the co-owners of the Capitals, the GMR Group also has equal stakes in Dubai Capitals, the ILT20 side in the UAE, and Seattle Orcas, the Major League Cricket outfit in the USA.

The England and Wales Cricket Board (ECB), the Hampshire club officials and the new owners are expected to make an official announcement soon about the deal.

Besides the significant investment, the take over could also open up the possibility of Hampshire gaining access to some of Delhi Capitals’ young players for domestic tournaments such as the Hundred.

However, at present, the Board of Control for Cricket in India (BCCI) does not permit active Indian cricketers to play in overseas tournaments.

In another significant development, Yorkshire, another English county side, has reopened their talks with Rajasthan Royals for a possible takeover of the Headingley based club.

However, this would require a consent from 6000 Yorkshire members through a ballot.