GMR Airports Ltd, a subsidiary of GMR Infrastructure Ltd, has acquired a 17.03 per cent stake in Delhi Duty Free Services Pvt Ltd for an undisclosed amount, as per a stock market disclosure.
Delhi Duty Free Services operates, maintains and manages duty free outlets at Indira Gandhi International Airport (IGI Airport), New Delhi, under concession from Delhi International Airport Pvt Ltd (DIAL) which holds 49.9 per cent in the company; 33.07 per cent stake is held by Yalorvin Ltd, a subsidiary of Aer Rianta International cpt (ARI).
Incorporated in 2009, New Delhi-based Delhi Duty Free Services sells perfumes, cosmetics, confectionery, liquor, tobacco and fashion products IGI Airport. The firm is a joint venture between DIAL, ARI and IDFS Tradings.
Bangalore-based GMR Airports (formerly GMR Airports Holding Pvt Ltd) develops airport projects. The firm is planning to raise Rs 2,000 crore through a public offer this financial year.
In March this year, GMR divested a 70 per cent stake in GMR Energy (Singapore) Pte to FPM Power for $530 million.
(Edited by Joby Puthuparampil Johnson)