According to sources, the GMR group has put its Rs 300-crore five-star hotel at the Rajiv Gandhi International Airport here up for sale as it realigns its assets.
This will be the third property that GMR has put on sale this year in line with the group's 'Asset Light, Asset Right strategy'.
"The transaction would be by way of parent company divesting its 100 percent equity stake in the Hotel Company. The proposal envisages transfer of all assets and liabilities and a Share Purchase Agreement shall be executed accordingly," a source said.
GMR entered into a concession agreement with the Andhra Pradesh government in 2004 to develop a Greenfield airport and other related infrastructure. As part of the airport project, GMR constructed the 305-room hotel.
The concession period will be for 30 years and extendable to another 30 years.
At 13:09 hours IST, shares went up 2.57 percent to Rs 19.95 on Bombay Stock Exchange.
(With inputs from PTI)
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