Companies

GMR to sell stake in Hyderabad property under Swiss Challenge mode

V Rishi Kumar Hyderabad | Updated on January 23, 2018

GMR Hyderabad International Airport Ltd (GHIAL), a step down subsidiary of GMR Infrastructure Ltd (GIL), has decided to sell its hotel project near Hyderabad airport under the Swiss Challenge mode.

BusinessLine had on August 26 reported “GMR Group plans to sell Hyderabad airport hotel.”

The infrastructure company has initiated the process of divesting its equity stake in GMR Hotels and Resorts Ltd (GHRL) that owns and manages Novotel Hyderabad Airport Hotel in 2013-2014, the company informed the BSE.

However, as no binding agreement could be reached with any of the bidders, GHIAL could not conclude the divestment process.

GMR Airports Ltd (GAL) had offered to acquire GHIAL's stake in GHRL. The board of GHIAL could not decide on the offer and suggested bidding process under Swiss Challenge method.

Based on the suggestion of the board of directors, GHIAL has now recommenced the bidding process under a Swiss Challenge method, wherein the price offered by GAL earlier, would be the floor price.

GHIAL has invited Expression of Interest (EoI) for acquiring 100 per cent equity stake in GHRL.

The bidding process is at a very early stage of calling for EoIs and based on any interest received over and above the floor price, the GHIAL board will take a suitable decision.

Published on August 28, 2015

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