GMR Infrastructure Ltd (GIL) has entered into a strategic partnership with France`s Groupe ADP to sell 49 per cent stake in its airports arm for an equity consideration of Rs 10,780 crore.

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GIL signed a share purchase agreement with Groupe ADP for the stake sale which will value GMR Airports Ltd (GAL) at the base post money valuation of Rs 22,000 crore.

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"This equity consideration comprises Rs 9,780 crore towards secondary sale of shares by GMR group, and Rs 1,000 crore equity infusion in GAL," GIL said in a statement.

"Groupe ADP has also pegged `Earn-outs` of up to Rs 4,475 crore linked to achievement of certain agreed operating performance metrics as well as on receipt of certain regulatory clarifications over the next five years. The total valuation, assuming all above `Earn-outs` are successfully consummated, may reach Rs 26,475 crore on `Post Money Basis`," it said.

As per the statement, the first tranche of Rs 5,248 crore will be received by GMR Group immediately.

"This money will help deleverage the Group further and result in improved cash flows and profitability. As part of the terms of transaction, GMR will retain management control of the airports business while Groupe ADP will have the customary rights and board representation at GAL and its key subsidiaries," the statement said.

The development assumes significance since last year GIL had announced a pact with Tata Group and other investors to divest 49 per cent stake in its airports business. However, there has been no movement regarding the same.

GMR Group`s airport portfolio has around 172 million passenger capacity in operation and under development, comprising India`s busiest Indira Gandhi International Airport in New Delhi, Hyderabad`s Rajiv Gandhi International Airport and the Mactan Cebu International Airport in partnership with Megawide in the Philippines.

While greenfield projects under development include airport at Mopa in Goa and at Heraklion, Greece, in partnership with GEK Terna.

The Group has also received Letter of Intent for development and operations of Nagpur Airport on PPP basis and has further emerged as the highest bidder for the development and operation of the greenfield airport at Bhogapuram in Andhra Pradesh.

Furthermore, the group recently signed concession agreement to commission, operationalise and maintain the civilian enclave at the Bidar Airport in North Karnataka.

The Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.