GMR Power and Urban Infra Limited (the "Company") has entered into a Share Purchase Agreement with Adani Airport City Limited ("AACL" or "Buyer") for the sale of its entire 26% stake in Portus Ventures Private Limited ("PVPL"). This transaction was executed alongside Shree Naman Developers Private Limited ("SNDPL"), which decided to sell its entire stake in PVPL to the Buyer. The Company exercised a tag-along option provided to it, considering the exit of the majority shareholder (SNDPL).
Transaction Details
- Date of Agreement: June 8, 2026
- Expected Completion Date: On or before June 17, 2026
- Consideration: ₹36,400 (Rupees thirty-six thousand four hundred only)
- Shares Sold: 2,600 equity shares of ₹10 each held by the Company in PVPL
- Buyer: Adani Airport City Limited. The Buyer does not belong to the promoter/promoter group/Group Company of GMR Power and Urban Infra Limited.
- Related Party Transaction: Not Applicable
Strategic Rationale
The exit from PVPL aligns with the GMR Group's strategic intent to focus on real estate opportunities already identified as part of its existing businesses.
Impact and Status of PVPL
- Financial Contribution: PVPL contributed Nil to the Company's turnover, revenue, income, or net worth during the last financial year.
- Post-Transaction Status: Consequent to the transfer of the entire stake, PVPL will cease to be a Joint Venture of the Company.
- Project Status: PVPL is a joint venture company formed for land development activities within the Chatrapati Shivaji Maharaj International Airport, Mumbai. The project is in the pre-planning phase and has recently entered the construction phase.