GMR Airports has successfully qualified to compete for the development of the new Taif Airport project in Saudi Arabia, marking a significant milestone in the company's international expansion efforts. The project, valued at $800 million, represents a major opportunity in the Middle Eastern aviation infrastructure sector.

Qualification Details

The airport infrastructure developer has advanced to the competitive bidding stage alongside four other consortia. This qualification demonstrates GMR Airports' technical capabilities and financial strength in meeting the stringent requirements for large-scale international airport projects.

Strategic Significance

The Taif Airport project qualification positions GMR Airports to potentially secure a substantial contract in Saudi Arabia's expanding aviation infrastructure landscape. The company's inclusion among the select few qualified consortia reflects its established track record in airport development and operations.

Next Steps

With the qualification phase completed, GMR Airports will now proceed to the competitive bidding process against the four other qualified consortia. The selection process will determine which consortium will be awarded the contract for developing the new Taif Airport facility.

This development represents GMR Airports' continued focus on securing international airport infrastructure projects and expanding its operational footprint in key global markets.

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.