Fraport AG is selling its stake in Delhi Airport (DEL), India. Under the agreement Fraport is selling its entire 10 percent stake in Delhi International Airport Limited (DIAL) – the joint venture that operates the airport – to its majority owner GMR Airports Infrastructure Limited (GIL) for a price of US$126 million.
Fraport CEO Dr. Stefan Schulte said: “After a successful 18-year partnership driving impressive growth in Delhi, it’s time to start a new chapter. We look back with pride on the various milestones we’ve achieved together with GIL. We jointly upgraded and expanded Delhi Airport into one of Asia’s leading air transportation hubs.”
Despite the divestiture, Fraport will continue to support operations at DEL under an existing Airport Operator Agreement. Schulte said, “I’m pleased that we will support and stay connected with our partners in Delhi even after the closing of the transaction.”
The Fraport Group has held its stake in Delhi Airport since India’s capital gateway was privatised in 2006. Fraport currently expects the transaction to be closed within the next 180 days, subject to approval in particular by Airports Authority of India (AAI) and GIL shareholders. The additional cash inflow from the divestiture will contribute to further reducing the group’s net financial debt.
For Editorial Inquiries Contact:
Editor Matt Driskill at matt.driskill@asianaviation.com
For Advertising Inquiries Contact:
Head of Sales Kay Rolland at kay.rolland@asianaviation.com
