GMR group is one of the rapidly growing enterprises of infrastructure with a diverse experience for three decades. The group is a significant player in the infrastructure sector, with excellent projects in India and Abroad. Its headquarters is in New Delhi.
It has been developing projects in areas like energy, transportation, urban infrastructure, and airport. The group has successfully held on to its fundamental strength to execute infrastructure projects in India.
On Thursday, GMR Infrastructure has received consent for the re-arranging plan which involves the demerger of non-airport business from the National Company Law Tribunal. On 27 August 2020, the GMR Infrastructure had revealed the plan to clarify the corporate holding structure and to attract global investors.
The Tribunal sanctioned the Scheme on 22 December 2021.
The Composite Scheme of Arrangement was permitted by the Hon’ble National Company Law Tribunal, Mumbai Bench, among the GMR Infrastructure Limited (GIL), GMR Power Infra Limited, and GMR Power and Urban Infra Limited (GPUIL) under Sections 230-232 of the Companies Act, 2013 with the respective shareholders.
In August 2020, GMR Infrastructure with the other group companies had declared the Composite Scheme of Arrangement which includes the demerger of the non-airport business, and listed its airport businesses separately.
GMR Infrastructure mentioned that the separate listing of the airport and non-airport businesses will help in clarifying the corporate holding structure.
They also stated that the Board of Directors has permitted the vertical split demerger as it will go a further long way in clearing the way for a deeper understanding of airport businesses independently compared to other businesses within the group.
At the present moment, the GMR group handles the Indira Gandhi International Airport in New Delhi, Rajiv Gandi International Airport in Hyderabad, and Mactan Cebu International Airport in the Philipines. The greenfield projects under development include the airport at Heraklion, Crete, Greece in partnership with GEK Terna and the airport at Mopa in Goa.
Its energy business has a portfolio of nearly a generation capacity of 4,995 MW.
GMR group airport’s portfolio has nearly 172 million passenger capacity in operation and is under development.
Earlier this year, the group had completed the construction of the new terminal building of Clarke International Airport.
As per the Scheme of Arrangement, the GIL’s non-airport business- urban infrastructure, EPC services, and energy will be transferred to GMR Power and Urban Infra Limited (GPUIL) as going concern and GIL will be a pure-play airport-owning company.
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