Deals in brief – March 2020

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GMR Airports sells stake

S&R Associates advised France’s Groupe ADP (formerly Aéroports de Paris or ADP), on its acquisition of an aggregate 49% stake in GMR Infrastructure’s airport business for ₹107.8 billion (US$1.4 billion), in two tranches.

The first tranche of ₹52.4 billion will be received by GMR immediately. The second tranche is still subject to approval from regulatory authorities. The cash infusion will aid GMR reduce its debt burden and expand further globally.

The S&R transaction team included partners Rajat Sethi and Mohit Gogia. Simran Dhir, head of competition practice, advised on competition law matters. The GMR Group, is India’s biggest private airport developer, that operates New Delhi and Hyderabad airports.

Reliance restructures

Reliance Industries restructured and consolidated three of its listed media and distribution enterprises under the umbrella brand Network 18 Media. The new entity, with ₹80 billion (US$1 billion) in revenue, consisted of TV18 Broadcast, Hathway Cable & Datacom and DEN Networks.

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