New Delhi: Fair trade regulator CCI said it has approved stake purchase in GMR Airports by the Tata group and other entities, subject to certain modifications in the proposed deal structure.
The proposed transaction involves acquisition of up to 55.2 per cent stake in GMR Airports collectively by a subsidiary of Tata Sons -- TRIL Urban Transport Pvt Ltd (TUTPL) -- as well as Valkyrie Investment and Solis Capital, the regulator said in a release.
Valkyrie is an affiliate of Singapore's sovereign wealth fund GIC while Solis is an investment vehicle of the SSG Group.
"The Commission approved the proposed combination subject to carry out of certain modifications proposed by TUTPL under Regulation 19 (2) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011," it added.
In March 2019, GMR Infrastructure had said the Tata group, along with Valkyrie and SSG Capital Management, will invest Rs 8,000 crore in the company's airports business.
GMR Infrastructure had announced that it has signed a binding term sheet with the investors (Tata group, GIC and SSG Capital Management) pursuant to which the investors have agreed to invest Rs 8,000 crore in GMR Airports.