One of India’s largest airport managers, GMR Infrastructure, which runs the Delhi and Hyderabad airports in India, has concluded the sale of 49% in its airports business to ADP Group of France for Rs.10.780 crore. GMR which was deep in debt was looking to monetize some of its assets in order to reduce its debt burden over the last few years.

However, there have been some modifications in the terms of the deal. Under the revised purchase agreement, the second tranche of the investment for 24.01% of GMR Airports Ltd is structured in two parts with a fixed component and a variable component. Due to COVID-19, the deal was redesigned to have a greater performance related target.