GMR Hyderabad Airport To Buy Majority Stake In Logistics JV For ₹413 Million

GMR Airports Ltd. on Wednesday said its arm GMR Hyderabad International Airport Ltd. (GHIAL) will acquire a 70% stake in ESR GMR Logistics Park Pvt. Ltd., an associate company, for up to ₹413.3 million. The deal is expected to be closed within a month, pending certain conditions, the company said in an exchange filing.

Once the transaction is complete, ESR GMR Logistics will become a subsidiary of GHIAL, which already owns 30% of the company through its wholly-owned unit, GMR Hyderabad Aerotropolis Ltd.

ESR GMR Logistics, incorporated in December 2018, is developing a warehousing and logistics park in Hyderabad. The company posted revenue of ₹267.7 million in 2023-24, up from ₹73.5 million in 2022-23.