GHIAL inks pact to acquire stake in airport cargo firm

GMR Hyderabad International Airport Limited (GHIAL) has said it signed a definitive agreement to acquire the entire stake held by Menzies Aviation Cargo (Hyderabad) Ltd in Hyderabad Menzies Air Cargo Private Limited Limited for about Rs 60 crore.

GHIAL is a GMR group company that manages the Rajiv Gandhi International Airport here. It is a direct subsidiary of GMR Airports Ltd and an indirect subsidiary of GMR Infrastructure Ltd.

A GHIAL release said that GMR Hyderabad International Airport Limited had entered into a definitive share purchase agreement to acquire the entire equity and preference shares held by Menzies Aviation Cargo (Hyderabad) Limited in Hyderabad Menzies Air Cargo Private Limited (HMACPL) at a total consideration of Rs 59.75 crore.

"Post-acquisition of the aforesaid shares, HMACPL will be a wholly owned subsidiary of GHIAL," the release said. HMACPL is currently the only entity engaged in operation and maintenance of cargo handling at Hyderabad Airport and last year handled 1,25,061 tonnes of Cargo at RGIA, it added.