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The company was in the process of securing government approvals for the deal, which had already won clearance from the Foreign Investment Promotion Board, Subbarao Amarthaluru told Reuters in an interview, adding it would be difficult to set a timeline for the deal closure.

There would be no immediate equity dilution due to the investment as it would be in the form of compulsorily convertible structured product that will be convertible at the time of the unit going public, he added.

Last month, GMR said Macquarie SBI Infrastructure Investments had invested $200 million in its unit, GMR Airports Holding Ltd, which runs the Delhi and Hyderabad airports.

 

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