India, Jan. 17 -- GMR Infrastructure on Thursday said it will sell 49 per cent stake instead of 44.44 per cent in its airport business to Tata Group subsidiary TRIL Urban Transport, as the group continues with efforts to trim its debt.
The diversified group has decided to increase the quantum of stake sale nearly 10 months after announcing the deal, which also received green signal from the Competition Commission of India (CCI)in October last year.
In a filing to the stock exchanges, GMR Infrastructure said it has decided to "increase the transaction size by agreeing to divest 49 per cent in GMR Airports Limited (vs previously agreed 44.44 per cent) to TRIL Urban Transport Private Limited (part of TATA Group), an affiliate of GIC and SSG ...