Malaysian Airport Holding Berhard (MAHB) wants to exit Delhi International Airport Pvt Ltd. (DIAL) – the GMR-led consortium that runs the Capital’s Indira Gandhi International airport — by selling its entire 10% stake in the joint venture.
The GMR Group, which has a 54% stake in the consortium, wants to buy out MAHB’s stake, a top DIAL official told HT.
Besides GMR and MAHB, the Airport Authority of India (AAI) holds 26% stake in DIAL and Fraport holds 10%.
“MAHB has informed us about their intention to exit DIAL and we are hopeful of picking up their stake, which would be valued around `250-300 crore,” the official, who did not wish to be named, said.
“The GMR Group had brought up the issue of MAHB’s decision to exit DIAL at the last board meeting,” a senior AAI official said. “We had, however, pointed out that the formal communication on the issue should come from the shareholder. Also, the stake sale has to be as per Sebi guidelines,” he added.
Top MAHB officials were in Delhi recently to meet AAI officials where they conveyed their intention to exit DIAL, sources said.
In January 2006, the consortium was awarded the concession to operate, manage and develop the IGI Airport. The initial term of the concession is 30 years extendable by a further 30 years.
Asked about the possible reason for MAHB’s exit, the DIAL official said that the lock-in period for JV partners was seven years. MAHB did not respond to an email sent by HT seeking their comments for the story.