GMR infrastructure on Thursday announced that it received approval from the National Company Law Tribunal’s (NCLT) for de-merger of the non-airport business of the company.
“The NCLT, Mumbai Bench (“Tribunal”) has sanctioned the Composite Scheme of Arrangement amongst GMR Power Infra Limited (GPIL), GMR Infrastructure Limited (GIL) and GMR Power and Urban Infra Limited (GPUIL) and their respective shareholders (“Scheme”) under Sections 230 to 232 of the Companies Act, 2013,” it said in a statement.
“The Tribunal after hearing the Company Petition filed in this regard has, by its order pronounced on December 22, 2021, sanctioned the Scheme, wherein the Appointed Date is April 01, 2021,” it added. The flagship of the infrastructure, GMR Group unveiled the reconstructing plan to retain just the airport business in August.
“The restructuring is a step in the right direction towards creating pure plays in different businesses of the Group thereby attracting sector-specific global investors and unlocking value for the current shareholders of GIL”, the company, which runs airports in Delhi and Hyderabad, said on August 27.
The restructuring will result in GIL becoming the country’s only pure-play listed airport company.
“Separate listing of both the airport and non-airport businesses will also help in simplifying the corporate holding structure. The vertical split de-merger will go a long way in facilitating a deeper understanding of the airport business independently as compared to other business verticals within the group”, GMR Infrastructure had said.
GMR Group owns, develops, operates and manages airports, major energy utilities, highways and urban infrastructure facilities. With a net asset base of nearly US $6 billion, GMR Group is one of the largest infrastructure development companies in India.
