Target Entity: TIM Goa Airport Advertising Private Limited (TGAAPL)
Type of Deal: Strategic minority investment through equity subscription
Stake/Capacity: Up to 49% of the issued and paid-up share capital
Deal Value: Aggregate cash consideration of up to approximately ₹16.59 crore
Investment Structure: Consideration may be made by way of equity, loan, and/or any other instrument convertible to equity, and/or any combination thereof, in one or more tranches
Funding Source: Not explicitly disclosed
Financial Impact: Not disclosed for future performance. Historical revenue data for the advertisement business at Goa Airport at Mopa (to be acquired by TGAAPL) shows: FY 2024 - ₹14.33 crore, FY 2025 - ₹23.70 crore, FY 2026 - ₹30.15 crore. TGAAPL was incorporated on May 20, 2025, and FY 2025-26 was its first year with no recorded revenue from operations.
Timeline: Expected to be consummated soon after the novation of the Advertisement Business and receipt of regulatory approval for security clearance from Bureau of Civil Aviation Security (BCAS), and fulfilment of conditions precedent under transaction documents
Strategic Rationale: The acquisition enables GMR Airports to expand into a complementary airport-adjacent business closely aligned with airport operations. As the airport sector holding company of the GMR Group with investments in various airport entities and adjacency businesses (Duty Free, Cargo, Car Park, Retail), this move supports the company's strategic objective to diversify and strengthen its presence in airport-adjacency businesses.
Approval Status: Subject to regulatory approval from BCAS for security clearance and fulfilment of conditions precedent
Reference Regulation: SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Regulation 30 & 51
Additional Information: This is not a related party transaction. Promoter/promoter group/group companies of GMR Airports Limited do not hold any interest in this transaction. TGAAPL will acquire the Advertisement Business at Goa Airport at Mopa through a novation process from its parent company TIMES Innovative Media Limited.
