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PEs in fray to buy GTL Infra; ADIA eyes stake in GMR’s Hyderabad airport

17 July, 2017

Telecom infrastructure company GTL Infrastructure Ltd has seen takeover interest from as many as 19 investors including private equity firms Carlyle Group and KKR & Co, The Economic Times reported citing people aware of the development.

Canadian fund Brookfield and India’s Piramal Enterprises are also keen to buy a stake in GTL Infrastructure, the report said.

GTL Infrastructure is seeking a valuation of close to Rs 15,000 crore and plans to sell a stake of more than 51% by March 2018, the report said. It added that some investors are keen to buy more than 76% stake.

Shares of GTL Infrastructure jumped as much as 18% on Monday morning to Rs 6.56 apiece on the BSE. The shares were around Rs 6.20 apiece in late morning trade, giving the company a market value of Rs 2,566 crore.

The report also cited GTL Infrastructure chairman Manoj Tirodkar as saying that the company was committed to completing the divestment process as part of efforts to repay its debts.

As on March 31, the company had total liabilities of Rs 5,501.38 crore.

In another development, GMR Infrastructure Ltd is in talks with sovereign wealth fund Abu Dhabi Investment Authority (ADIA) and France-based airport operator Paris Aeroport to sell a 49% stake in GMR Hyderabad International Airport Ltd, The Economic Times reported, citing sources.

The negotiations with the ADIA are in very advanced stages and a deal could materialise within a few weeks, the report said. The value of the airport company is being pegged around Rs 5,000 crore.

GMR Infrastructure subsidiary GMR Airports Ltd owns a 63% stake in GMR Hyderabad while the government of Telangana and the Airports Authority of India hold a stake of 13% each. The rest is owned by Malaysian Airports through MAHB (Mauritius) Pvt Ltd.

Separately, another report in The Economic Times said that public markets-focussed fund Indgrowth Capital is floating its maiden offering with a target corpus of Rs 500 crore (nearly $78 million).

Indgrowth Capital Fund-I is looking to invest in small and mid-cap companies with market capitalisation of Rs 700 to Rs 2,000 crore, the report added.

The target appears to have been trimmed from the previous plan to raise around $100 million that VCCircle had reported in February.

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PEs in fray to buy GTL Infra; ADIA eyes stake in GMR’s Hyderabad airport

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