NCLT approves GMR Infrastructure's demerger of non-airport business

29 Dec 2021 CW Team

The National Company Law Tribunal (NCLT) has approved GMR Infrastructure's restructuring plan involving the demerger of the non-airport business, the company told the media.

GMR Infrastructure announced the reorganisation plan on August 27 of last year, to simplify the corporate holding structure and attract sector-specific international investors.

The composite scheme of arrangement between GMR Power Infra Limited (GPIL), GMR Infrastructure Limited (GIL), and GMR Power and Urban Infra Limited (GPUIL) and their respective shareholders has been sanctioned by the Hon'ble National Company Law Tribunal, Mumbai Bench, under Sections 230 to 232 of the Companies Act, 2013, according to a statement.

The board of GMR Infrastructure, along with the board of other group companies GPIL and GPUIL, decided on a composite scheme of arrangement on August 27 last year, which included the demerger of GMR Infrastructure's non-airport business.

Separate listings for the airport and non-airport businesses will also aid in the corporate holding structure's simplification. According to GMR Infrastructure, the vertical split demerger will go a long way toward facilitating a deeper understanding of the airport business on its own, as opposed to other business verticals within the group.

The GMR Group currently operates the Indira Gandhi International Airport in New Delhi and the Rajiv Gandhi International Airport in Hyderabad. It also manages Cebu International Airport in the Philippines.

Its energy business has a diversified portfolio with a total generation capacity of 4,995 MW.

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