GMR Airports Limited has completed a strategic acquisition of 49.90% equity stake in Delhi Duty Free Services Private Limited (DDFS) from Delhi International Airport Limited (DIAL), another subsidiary of the company. The transaction, valued at ₹1,832.24 crores, significantly strengthens GMR Airports' position in the duty-free retail sector.

Transaction Details

The acquisition involved the purchase of 3,04,15,621 equity shares representing 49.90% of DDFS's issued and paid-up share capital. Following this transaction, GMR Airports now holds 66.93% of the paid-up equity share capital of DDFS, consolidating its control over the duty-free operations.

About Delhi Duty Free Services

DDFS was incorporated on July 07, 2009, under the Companies Act, 1956, and operates as a key player in India's duty-free retail sector. The company is primarily engaged in the development, operation, management, and maintenance of duty-free operations at the Indira Gandhi International Airport, New Delhi.

The company has demonstrated consistent revenue growth over recent years, reflecting the recovery and expansion of the aviation sector:

Strategic Rationale

The acquisition aligns with GMR Airports' broader strategic objectives in the duty-free retail segment. The company has been appointed as the new concessionaire for the Delhi Duty Free business, making this acquisition a natural extension of its operational capabilities. Additionally, GMR Airports plans to explore duty-free business opportunities both within India and in international markets, making the increased stake in DDFS strategically valuable.

Transaction Structure and Approvals

The share acquisition was structured as a related party transaction conducted on an arm's length basis. The transaction received due approval from relevant authorities as required. Notably, no governmental or regulatory approvals were required for this acquisition, and promoter or promoter group companies of GMR Airports do not hold any interest in the transaction beyond any direct or indirect shareholding.

This strategic move positions GMR Airports to capitalize on the growing duty-free retail market while leveraging its existing airport infrastructure and operational expertise.

GMR Airports Limited has announced that CARE Ratings Limited has assigned credit ratings to the company for its banking facilities. The development was communicated to stock exchanges on December 20, 2025, as part of regulatory compliance under SEBI listing obligations.

Credit Rating Details

CARE Ratings Limited assigned its ratings to GMR Airports Limited for banking facilities worth ₹500.00 crores. The rating details are presented below:

Reaffirmation of Existing Ratings

The credit rating agency also reaffirmed its existing ratings for GMR Airports Limited's previously availed facilities. CARE Ratings maintained its ratings of CARE A- Stable for Long Term Bank Facilities and CARE A1 for Short Term Bank Facilities that the company had already availed.

Furthermore, CARE Ratings reaffirmed the rating of CARE A- Stable for the Non-Convertible Bonds issued by the company, indicating consistency in the agency's assessment of the company's creditworthiness.

Regulatory Compliance

The announcement was made in compliance with Regulations 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company informed both BSE Limited and National Stock Exchange of India Limited about the credit rating developments.

GMR Airports Limited noted that copies of the letters issued by CARE Ratings are available on the company's website for stakeholder reference.