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Delhi Airport. Photo: Fraport
Frankfurt Airport operator Fraport is selling its 10% stake in Delhi International Airport Limited (DIAL) to majority owner GMR Airports Infrastructure Limited (GIL) for $126m.
The agreement for the sale of the joint venture that operates Delhi (Indira Gandhi International) Airport (DEL) was signed on September 9.
Fraport chief excecutive Stefan Schulte said: “After a successful 18-year partnership driving impressive growth in Delhi, it’s time to start a new chapter. We look back with pride on the various milestones we’ve achieved together with GIL.
“We jointly upgraded and expanded Delhi Airport into one of Asia’s leading air transportation hubs.” Despite the divestiture, Fraport will continue to support operations at DEL under an existing Airport Operator Agreement. CEO Schulte: “I’m pleased that we will support and stay connected with our partners in Delhi even after the closing of the transaction.”
The Fraport Group has held its stake in Delhi Airport since India’s capital gateway was privatised in 2006.
Fraport currently expects the transaction to be closed within the next 180 days, subject to approval in particular by Airports Authority of India (AAI) and GIL shareholders. The additional cash inflow from the divestiture will contribute to further reducing the Group’s net financial debt.
Earlier this year, Fraport announced it had developed a new cargo masterplan for Frankfurt Airport that is split into three areas – further investment in digitalisation to create efficiency; the redesign of the CargoCity South Area; and the development of a new LogisticsHub West.
The masterplan is being rolled out as Fraport expects volumes at Frankfurt Airport to increase to around 3m tonnes per year by 2040.
Construction work also recently began on Lufthansa Cargo’s €600m renovation project to modernise its cargo hub at Frankfurt Airport by 2030.
Fraport aims to ramp up Frankfurt cargo capacity
Lufthansa Cargo’s Frankfurt Airport hub renovation begins
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