GMR Infra Partners With Groupe ADP

GMR Infrastructure Ltd has completed its strategic partnership deal with Groupe ADP. As per the revised share purchase agreement, the second tranche of the investment for 24.01% of GMR Airports Limited has been structured in two parts - a firm amount, immediately paid at second closing, for a total of ?4,565 crore, including ?1,000 crore equity infusion in GMR Airports Limited; and earn-outs amounting to ?1,060 crore, subject to the achievement of certain performance related targets by GMR Airports Limited up to FY 2024. Groupe ADP has increased earn-outs for GMR which are now pegged at up to ?5,535 crore compared to the earlier ?4,475 crore. These earn-outs are linked to the achievement of certain agreed operating performance metrics as well as the receipt of certain regulatory clarifications over the next five years. As part of the terms of transaction, GMR will retain management control over the airports business with Groupe ADP having the customary rights and board representation at GMR Airports Limited and its key subsidiaries.