GMR Group to sell its entire 40% stake in Philippines' Cebu airport

Tags: Economy/Finance International News

The New Delhi based Multinational GMR Group, on 2 September 2022, has said that it will divest its entire 40 per cent stake in Cebu international airport in Philippines for a payment of Rs 1,330 crore.

However the GMR will continue to provide consultancy service to the Airport till 2026 and will earn revenue for it.

According to GMR, the company will now focus on high growth opportunities. It will now use the capital to invest in the Kualanamu International Airport at Medan, Indonesia. The Kualanamu International Airport is being developed and operated by GMR Airports International.

Mactan Cebu International Airport 

It is the second largest Airport of the Philippines after the Ninoy Aquino International Airport Manila.

In 2014, GMR Infrastructure in partnership with Megawide Construction Corporation of Philippines won the bid to operate and develop the Mactan Cebu International Airport. 

Both the Megawide Construction Company and GMR are selling their stake to Aboitiz InfraCapital Inc. of Philippines.

Currency of Philippines: Philippine pesos

GMR Airports International

GMR Airports International is a subsidiary of GMR Infrastructure Ltd 

GMR Group operates the IGI Delhi International Airport, Rajiv Gandhi Hyderabad International Airport and Bidar Airport in (Karnataka).

It is building a Greenfield airport at Mopa in North Goa and an International Greenfield Airport at Bhogapuram, Vizianagaram, and Andhra Pradesh.

It is the only Indian company to develop and operate foreign International airport. It is developing airports in Indonesia, Greece.

The GMR group was founded by Grandhi Mallikarjuna Rao. It is in the business of Infrastructure, Energy, transportation etc.