CCI approved the acquisition of GAL:

The Competition Commission of India (CCI) gave its approval to an arm of Tata Group, and its two overseas partners to acquire a majority stake in GMR Airports Limited (GAL) under Section 31(1) of the Competition Act, 2002. The announcement was made by the Ministry of corporate affairs.

Deal:

The approval relates to the acquisition of up to 55.2% equity stake in GAL collectively by TUTPL, Valkyrie, and Solis. It is expected that the deal will pump Rs.1,000 crore into GMR Airports. It also includes the purchase of Rs.7,000 crore of the airport unit’s equity shares from the parent. GMR currently operates Delhi international airport and the Hyderabad International airport, in India.

Stake holders are:

• TATA group`s arm TRIL Urban Transport Private Limited (TUTPL)
• Valkyrie Investment Pte. Ltd. (Valkyrie)
• Solis Capital (Singapore) Pte. Limited (Solis)