GMR Airports Infrastructure Ltd

GMR Infrastructure Ltd is the infrastructure holding company formed to fund the capital requirements of various infrastructure projects across the sectors. The company undertakes the development of th ... e infrastructure projects through their various subsidiaries. The Company carries its business in handling Engineering Procurement Construction (EPC) solutions in the infrastructure sector. Its business also comprises of investment activity and corporate support to various infrastructure Special Purpose Vehicles (SPV). The company, through subsidiaries, operates in four business sectors, namely energy, airports, highways and urban infrastructure. Their segments are Airports, which is engaged in development and operation of airports; Power, which is involved in generation of power and provision of related services, and exploration and mining activities; Roads, which is engaged in development and operation of roadways; EPC, which is engaged handling of engineering, procurement and construction solution in infrastructure sector, and Others, which includes urban infrastructure and other residual activities. GMR Infrastructure Ltd originally incorporated on May 10, 1996 as a Public Limited Company with the name 'Varalakshmi Vasavi Power Projects Ltd' in the State of Andhra Pradesh received the Certificate of Commencement of Business on May 23, 1996. In September 1996, the Company signed power purchase agreement for Chennai Power Plant. In December 1997, they signed Power Purchase Agreement for Mangalore Power Plant. In December 1998, they started commercial operation of first generator of Chennai Power Plant. In May 31, 1999, the company changed their name to GMR Vasavi Infrastructure Finance Ltd. In July 24, 2000, they again changed their name to GMR Infrastructure Ltd. In June 2001, the company commenced simple cycle operation of Mangalore Power Plant. In October 2001, they signed Concession Agreement for Tuni Anakapalli and Tambaram Tindivanam Road Projects. In November 2001, they commenced combined cycle operations of Mangalore Power Plant. In June 2003, the company signed power purchase agreement for Vemagiri Power Plant. In July 2003, GMR Consortium was selected as developer of Hyderabad International Airport. In September 2003, they signed State Support Agreement for Hyderabad International Airport. In October 4, 2004, they shifted their registered office from the State of Andhra Pradesh to the State of Karnataka. In December 2004, they signed Concession Agreement for Hyderabad International Airport. In October 2005, the company signed the Project Development Agreement for Alaknanda Hydro Project. In November 2005, they signed Concession Agreement for Ambala Chandigarh Project. In January 2006, the company received LOA from AAI for Delhi International Airport Project. In February 2006, they signed concession agreement for Faruknaga- Jadcherla road project. In March 2006, they signed Concession agreement for Adloor- Yellareddy road project. In August 2006, the company came out the initial public offer and their shares were listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). In August 6, 2007, the company signed an MoU with TIDCO for a Multi Product Special Economic Zone in Krishnagiri District, Tamil Nadu. In March 2008, GMR Infrastructure Overseas, S.L., Spain and GMR Energy (Mauritius) Ltd became subsidiaries of the company. In June 15, 2008, Delhi International Airport (P) Ltd, subsidiary of GMR Infrastructure Ltd commissioned the in-line baggage handling system for two of eight rows at the International Terminal (T2) of Indira Gandhi International Airport. In June 25, 2008, the company acquired 50% stake in InterGen N.V. In April 1, 2009, the company hived off the construction business as a separate operating division of the company. In May 2009, GMR Group acquires 100% ownership of Island Power Project, Singapore. During the year 2009-10, the company won three new projects in the highways sector viz. Hyderabad - Vijayawada, Chennai ORR and Hungund - Hospet. They commenced the Engineering, Procurement and Construction (EPC) business as a separate operating division which mainly caters to the requirements for implementing the projects undertaken by the subsidiaries. During the year 2010-11, the company through their subsidiaries took over the Male International Airport in Maldives and started the operations and development of the Airport. Homeland Energy Group Ltd, GMR Airport Developers Ltd, Aravali Transmission Service Company Ltd, Maru Transmission Service Company Ltd, GMR Airport Handling Services Company Ltd, Homeland Energy Corp., Homeland Energy (Swaziland) (Pty) Ltd and Homeland Mining & Energy SA (Pty) Ltd were incorporated by the company during the year. In October 2010, the company forayed in to solar power and was awarded to set up 25 MW solar power plant in Gujarat. In November 2010, GMR divested their 50% shareholding in InterGen N.V. In August 2011, Pranesh Properties Pvt Ltd became a subsidiary of the company. Also, GMR Energy Ltd through their overseas subsidiary, entered into definitive agreements to acquire a 30% equity stake in PT Golden Energy Mines Tbk, a Sinar Mas Group Company in Indonesia. GMR Energy achieved a new milestone in the renewable space by successfully commissioning its first 25 MW Solar Project in the State of Gujarat. This is one of the biggest Solar Projects in India. Project construction was completed on 31 December 2011 and it was synchronized with the grid on 5 January 2012. GMR Kishangarh Udaipur Ahmedabad Expressways achieved financial closure on 24 May 2012. GMR OSE Hungund Hospet Highways Private Limited, a subsidiary of GMR Infrastructure Limited, commenced partial toll collection on 30 November 2012. First Unit of GMR's 2X300 MW Coal based Power project at Warora, near Nagpur in Maharashtra, was successfully synchronized with the grid on 10 December 2012. This is the group's first Coal-based Power plant to be synchronized. On 20 December 2012, GMR Infrastructure Limited commenced Commercial Operations of Hyderabad - Vijayawada section of National Highway 9 and Hungund - Hospet section of National Highway 13. The first unit of GMR's Kamalanga Thermal Power Plant was synchronized with the Central grid on 29 January 2013. On 13 February 2013, GMR Highways Ltd. signed a definitive agreement with Macquarie SBI Infrastructure Investments Pte Ltd and SBI Macquarie Infrastructure Trust (Macquarie SBI) to divest 74% stake in GMR Jadcherla Expressways Ltd (GJEL), subject to customary closing conditions. GJEL is operating the Farukhnagar-Jadcherla highway in Andhra Pradesh, under a concession agreement signed with NHAI. The project commenced commercial operations in February 2009. GMR Group will receive consideration of about Rs 195 crore immediately and about Rs 11 crore on completion of certain conditions totaling to Rs 206 crore for the sale of 74% stake. The original invested capital for the corresponding 74% stake was about Rs 146 crore.First 350 MW unit of GMR's Kamalanga Thermal Power Plant became commercially operational on 30 April 2013. The second unit for the power plant was synchronized with the grid on 11 July 2013. With the synchronization of the second unit, the combined generation capacity of the GMR Group reached 1836 MW. The second unit of the 600 MW power plant of GMR's EMCO Energy Limited was synchronised with the grid and achieved full load operation on 27 August 2013. Power generation commenced from the first unit of 300 MW in March 2013. On 17 September 2013, GMR Highways signed a definitive agreement with India Infrastructure Fund (IIF) to divest 74% stake in GMR Ulundurpet Expressways Private Limited (GUEL). IIF emerged as successful bidder in buying majority stake in GUEL, which attracted strong interest from several major investors from India and abroad. This is a second major divestment in GMR's roads portfolio in less than 6 months. The second 350 MW unit of GMR Kamalanga Energy Limited (GKEL) was declared commercially operational on 11 November 2013. Power produced from GKEL is being supplied to GRIDCO Limited in Odisha in line with the long-term Power Purchase Agreement. On 30 December 2013, GMR Group signed a definitive agreement with Malaysian Airports Holding Berhard (MAHB) to divest its 40% equity stake in Istanbul Sabiha Gokcen International Airport, for an amount of ? 225 million (i. e., approximately Rs 1910 crore), subject to certain adjustments. Definitive agreements have been signed subsequent to the exercise of Right of First Refusal by MAHB under the existing shareholders agreement of ISG, on 23 December 2013. On 4 March 2014, a consortium led by GMR Infrastructures won its maiden railway project. The Rs 267-crore project involves construction of rail line doubling between Jhansi and Bhimsen stations in the state of Uttar Pradesh, India. On 5 April 2014, the Department of Transportation and Communications (DOTC), Republic of the Philippines formally awarded the Mactan-Cebu International Airport rehabilitation, expansion and operation project to the GMR-Megawide Consortium for a 25-year concession period. In the international competitive bidding process GMR-Megawide Consortium had emerged as the highest bidder after offering a bid premium of 14.4 billion Philippine Pesos (approximately US$ 320 million). A consortium led by GMR Infrastructure Limited won three construction packages of rail line doubling of Multimodal Transport System (MMTS) - Phase II works on Secunderabad Division of South Central Railway in the State of Andhra Pradesh, India. Rail Vikas Nigam Limited issued the Letter of Award to the GMR consortium on 11 June 2014. On 9 July 2014, GMR Infrastructure successfully completed the Qualified Institutional Placement (QIP) of the equity shares. The company raised Rs 1477 crore through this placement process. The QIP issue was launched with a base target of USD 200 million and the management decided to keep the issue size as USD 250 million. GMR-Megawide Cebu Airport Corporation (GMCAC), a joint venture between GMR Infrastructure Ltd (40% shareholding) and Megawide Construction Corporation (60% shareholding), took over operations of the Mactan Cebu International Airport (MCIA) in Cebu, Philippines from the airport authority on 1 November 2014. On 25 November 2014, GMR Infrastructure Limited (GIL) led consortium emerged as lowest bidder in International Competitive Bidding for two packages of Eastern Dedicated Freight Corridor project involving construction of 417 km long double track railway line from Mughalsarai to New Bhaupur (near Kanpur) on EPC basis. The Eastern Dedicated Freight Corridor extends from Ludhiana to Dankuni near Kolkata. On 22 December 2014, GMR-Megawide Cebu Airport Corporation (GMCAC) signed financing documents of its Mactan Cebu International Airport located in Cebu, Philippines. The financing will fund 70% of its total project cost of Php 33 billion (approximately USD 750 million). On 18 May 2015, Kakinada SEZ Pvt. Ltd. (KSEZ), a subsidiary of GMR Infrastructure, signed a Memorandum of Understanding (MoU) with Guizhou International Investment Corporation (GIIC) - a consortium of three leading Chinese manufacturing companies - to set up industrial park for the high end Chinese equipment manufacturing companies. On 29 June 2015, GMR Megawide Cebu Airport Corp. (GMCAC), a joint venture between GMR Infrastructure and Megawide Construction Corp. of Philippines, broke ground for the construction of Mactan-Cebu International Airport (MCIA) Terminal 2, which is expected to be completed by 2018. On 11 October 2015, Kakinada SEZ Pvt. Ltd. (KSEZ), a subsidiary of GMR Infrastructure, signed a Memorandum of Understanding (MoU) with Japanese Major - JGC Corporation (JGC) for co-developing Japanese Oriented Food Processing Park (Park) at its Kakinada Special Economic Zone. On 12 January 2016, GMR Hyderabad International Airport Ltd. (GHIAL) commissioned a 5 MW Solar Power Plant for its captive consumption at Rajiv Gandhi International Airport (RGIA), Hyderabad. On 25 March 2016, GMR Infrastructure Limited and GMR Highways Limited signed a Share Purchase Agreement with its Joint Venture Partners to divest its 51% equity stake in GMR OSE Hungund Hospet Highways Private Limited (GOHHHPL). GOHHHPL operates Hungund Hospet section of National Highway No. 13 which is a 99 km project in the State of Karnataka which was won by GMR OSE Consortium in 2010 on design, build, finance, operate and transfer basis. The divestment of stake in GOHHHPL will reduce Rs 1078 crore of debt at Group Level and create Rs 85 crore of liquidity. On 12 April 2016, Delhi International Airport (P) Limited (DIAL) announced that it has enhanced the solar power generating capacity at the Indira Gandhi International Airport (IGIA), New Delhi. DIAL in 2014 had set up India's first solar power plant at the IGI Airport that becomes the 1st airport in the world to be registered under Clean Development Mechanism of UNFCCC. On 9 May 2016, the Management Committee of GMR Infrastructure approved the proposed primary capital investment by Tenaga Nasional Berhad (Tenaga) in GMR Energy Limited (GEL). The investment represents 30% equity stake in a select portfolio of GEL assets on fully diluted basis, for cash consideration of USD 300 million. On 26 August 2016, GMR Infrastructure Limited announced that its subsidiary GMR Airports has won the international competitive bid for development and operation of Mopa Greenfield Airport in North Goa. The concession period for the Greenfield project will be 40 years with a possible extension of another 20 years through a bid process. The airport will be built under the BOT (Build Operate Transfer) model. The company emerged as the highest bidder in a closely contested bid with 5 bidders having prequalified viz., GMR Airports, Airports Authority of India, Essel-Incheon, GVK and Hiranandani-Vinci. On 27 October 2016, 'GMR Male' International Airport Limited (GMIAL), a subsidiary of GMR Infrastructure Limited, announced that it has been awarded compensation of approximately US$ 270 million by the 3 member international arbitral tribunal. The compensation covers the debt, equity invested in the project along with a return of 17% and also termination payments and legal costs. The compensation is net of taxes that GMIAL may be required to pay in the Maldives. GMIAL had entered into a Concession Agreement with Government of Maldives (GoM) and Maldives Airport Company Limited (MACL) for modernization and operation of Ibrahim Nasir International Airport (INIA) in 2010. The Concession Agreement was wrongfully repudiated by the Government of Maldives and Maldives Airport Company Limited on 29 November 2012 alleging that the same was void ab initio. After detailed further proceedings, the tribunal has issued its final order whereby it has awarded compensation to GMIAL. On 4 November 2016, GMR Energy Limited (GEL), a subsidiary of GMR Infrastructure Ltd (GIL), announced allotment of 30% stake to Tenaga Nasional Berhad, Malaysia (TNB) for a cash consideration of USD 300 million, implying an Equity value of USD 1 billion (Rs 6665 croer approx.). GEL and TNB had announced this strategic partnership in May 2016 and the allotment of shares marks the completion of this landmark transaction in the Power sector. On 8 November 2016, GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, signed the Concession Agreement with Government of Goa for the development and operation of north Goa's Greenfield International Airport at Mopa. As per the concession agreement, GMR will design, build, finance and operate the international airport for 40 years with extension option for another 20 years. The construction period for the first phase of the project is three years from the date of financial closure and is expected to be operational by mid of 2020. During the CII Partnership Summit 2017 held on 27 and 28 January 2017 at Visakhapatnam, AP, Kakinada SEZ Ltd. (KSEZ), a subsidiary of GMR Infrastructure Limited (GIL), signed MoUs with 5 companies which include Oil Country Tubular, Kamineni Steel & Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram for setting up manufacturing facilities with a total investment of Rs 7000 crore spread over 550 acres at Kakinada SEZ Ltd., Kakinada, AP. GMR Group is developing Kakinada SEZ, spread over 8500 acres and an all-weather, multi-cargo, deep water port, with an estimated phase 1 capacity of 16 million tonnes. On 16 March 2017, Delhi International Airport (P) Ltd, a GMR led consortium, announced that it has signed a land license agreement with Airbus for setting up India's first full flight simulator at the Aerocity - Terminal District of Indira Gandhi International (IGI) Airport. On the 1.11 acre of land, the France based company will set up India's first full flight simulator to address the growing demand of trained pilots and aircraft maintenance engineers. Airbus will also establish its India Headquarter within the same development. On 3 April 2017, GMR Energy Limited (GEL), a subsidiary of GMR Infrastructure Ltd. and TNB Repair and Maintenance Sdn Bhd (TNB Remaco) inked a memorandum of understanding to collaborate and set up an O&M joint venture. The O&M JV between GMR Energy and TNB Remaco will provide operation and maintenance services, performance improvement services, testing and diagnostic services, repair and refurbishment services for power plants in India. For this purpose, the joint venture plans to setup a refurbishment/maintenance facility in India. This will be the first time that TNB Remaco shall be investing in a facility outside of Malaysia. On 7 June 2017, GMR Airports Limited, a subsidiary of GMR Infrastructure Ltd, announced that it has been selected to Develop, Operate and Manage the New International Airport of Heraklion at Crete in Greece in partnership with Greek infrastructure major TERNA S.A. (100% subsidiary of GEK TERNA Group). GMR Airports Limited will be the designated Airport Operator in the consortium for this project. The scope of the project involves Design, Construction, Financing, Operation, and Maintenance & Exploitation of the New Heraklion Crete International Airport. The concession period for the Greenfield project will be 35 years including Phase 1 Construction of 5 years. On 10 July 2017, GMR Goa International Airports Limited (GGIAL), a subsidiary of GMR Airports Limited, successfully executed debt facility agreement for the development of Greenfield airport at Mopa in Goa. On 22 August 2017, GMR Group led Delhi International Airport Ltd, announced that it is set to start the process of Delhi Airport capacity expansion as per the IGI Airport (IGIA) Master plan 2016. The expansion process will encompass all areas of the airport i.e. Airside, Terminal and Landside. In May 2016, DIAL had finalised the plan with Ministry of Civil Aviation, (GoI) in consultation with all the stakeholders. The Master Plan will be implemented in three modular phases- phase 3A (2018-21), 3 B (2021-25) and Phase 4 (2026 onwards). GMR Hyderabad International Airport Limited (GHIAL), a subsidiary of GMR Airports Limited and GMR Infrastructure Limited (GMR Group), announced that it has on 19 October 2017 successfully priced an offering of US$ 350 million bond in the international bond market. GHIAL has entered into a Purchase Agreement to issue and allot US$ 350 million of 4.25% senior secured fixed rate notes of 10 year tenure (the Notes). The proceeds from the Notes will be used to entirely refinance the current outstanding Rupee Term Bank Loan (RTL), Bank External Commercial Borrowing (ECB) and towards partial funding of proposed capital expenditure. On 15 December 2017, GMR Group in consortium with Megawide Construction Corporation emerged as the preferred bidder for Clark International Airport EPC tender having submitted the most competitive financial bid. Clark airport is being developed by Government of Philippines through a hybrid model with EPC and O&M tenders being issued separately. This is the second airport project which GMR Group will be developing in Philippines along with Megawide Construction Corporation, with the consortium already operating the Mactan Cebu International airport, the second largest airport of Philippines which handles 10 million passengers annually. On 11 April 2018, GMR Group announced that it is setting up an 'Aerospace & Defence Manufacturing Hub' at its Special Investment Region, Hosur (GKSIR), Krishnagiri district in Tamil Nadu, to encourage indigenous production of defence equipment in the country. The project is a Joint Venture (JV) between GMR Group and the Tamil Nadu Industrial Development Corporation (TIDCO). Under this project, approximately 600 acres of prime industrial land has been made ready for immediate occupation. At Cebu Airport, a new international terminal was commissioned in July 2018 with world class facilities for passengers and state-of-the-art operating equipment. In 2018-19, GMR launched GMR Business Park as an integrated office development, spanning ~0.8 Mn Sq. ft. of leasable area at Hyderabad Airport. In addition, significant progress was achieved in land monetization, with customers such as Safran, Amazon, etc, in both industrial and warehousing segments. During FY 2018-19, a number of new destinations were added to Hyderabad Airport's route network both on the domestic as well as the international front. Flynas started their operations at Hyderabad connecting to Saudi Arabia and Spicejet started daily flights to Bangkok. On the domestic front, Hyderabad Airport added connectivity to Amritsar, Bhopal, Dehradun, Durgapur, Imphal, Kannur, Port Blair, Vadodara, Udaipur. Under the Government of India's Regional Connectivity Scheme (RCS), Hyderabad Airport was connected to Nasik. As part of the capital expansion works at Hyderabad Airport, the Company commissioned additional 24 remote aircraft parking stands and progress was made on various elements on the airside such as taxiways, rapid exit taxiways and construction of a dedicated tunnel for movement of Ground Support Equipment (GSE) under aircraft taxiways in 2020. In FY 2019-20, Rajiv Gandhi International Airport (RGIA), Hyderabad handled 21.6 Mn passengers, over 183,000 Air Traffic Movements (ATMs), and over 146,000 MT of cargo. It further expanded its connectivity to reach a peak of 71 nonstop destinations (15 international and 56 domestic) with 18 foreign carriers and 8 domestic carriers. Several new domestic destinations including Gwalior, Belgaum, Kishangarh, Jharrsuguda, Kolhapur, Gorakhpur, Mysore, Durgapur and Nasik, and new frequencies were added by airlines on many routes across both domestic and international sectors. On the cargo front, SpiceJet launched its scheduled freighter services from RGIA and international freighter operators such as Turkish Cargo and Qatar Cargo enhanced their offerings in terms of frequencies, capacity allocations, etc. During the year 2019-20, GMR Power and Urban Infra Limited, GMR Airports Singapore Pte Ltd, GMR Macau Duty Free & Retail Company Limited, GMR Nagpur International Airport Limited (GNIAL'), GMR Kannur Duty Free Services Limited, GMR Airports Greece Single Member S.A became subsidiaries of the Company. The status of GMR Mining and Energy Private Limited, changed from an Associate of the Company to Subsidiary of the Company during the year 2020. Further, GMR Infra Services Limited, Marsyangdi Transmission Company Private Limited, GMR Hyderabad Air Cargo and Logistics Private Limited, Hyderabad Airport Security Services Limited, GMR Kishangarh Udaipur Ahmedabad Expressways Limited, East Godavari Power Distribution Company Private Limited and GMR Macau Duty Free & Retail Company Limited ceased to be subsidiaries during the FY 2019-20. Further, GMR Chhattisgarh Energy Limited, GMR OSE Hungund Hospet Private Limited and WAISL Limited (formerly Wipro Airport IT Services Limited) ceased to be Associates of the Company. The Company had completed the strategic partnership with Groupe ADP on July 7, 2020. The Company along with its subsidiaries had completed the disinvestment of 49% of equity stake in GMR Airports Limited (GAL), a material subsidiary of the Company. After the completion of the deal, the Groupe ADP holds 49% equity shares capital in GAL and the Company along with its subsidiaries hold 51% of equity shares capital of GAL. In FY 2020-21, a Composite Scheme of Amalgamation and Arrangement amongst GMR Power Infra Limited (GPIL), subsidiary Company and GMR Infrastructure Limited GMR Infrastructure Limited (GIL) and GMR Power and Urban Infra Limited (GPUIL), a wholly owned subsidiary and their respective shareholders was filed with National Company Law Tribunal (NCLT) on March 5, 2021, which envisages amalgamation of GPIL with GIL followed by demerger of EPC Business and Urban Infrastructure Business of the Company into GMR Power and Urban Infrastructure Limited (GPUIL) on a going concern basis. Accordingly, assets and liabilities of the EPC business and Urban Infrastructure business (including Energy business), as approved by the Board of Directors stood transferred and vested into GPUIL with effect from April 1, 2021, being the Appointed Date for the Scheme. In 2021, the Company had signed definitive agreements for sale of entire 51% equity stake in Kakinada (KSEZ) to Aurobindo Realty and Infrastructure Private Limited (ARIPL), which received entire upfront consideration of Rs 1,692.03 crore for sale of 51% stake sale in KSEZ to ARIPL. GMR Airports Limited launched operations at Kannur Duty Free in February, 2021, completed construction of new terminal building of Clark International airport, Philippines in January 2021. As on March 31, 2021, the Company had 105 subsidiary companies apart from 40 associate companies and joint ventures. GMR Visakhapatnam International Airport Limited and GMR Hyderabad Airport Assets Limited became subsidiaries of the Company during the year 2020-21. GMR Energy Global Limited, GMR Power Corporation Limited, SJK Powergen Limited, GMR Coastal Energy Private Limited, GMR Kakinada Energy Private Limited, GMR Genco Assets Limited, GMR Utilities Private Limited, GADL (Mauritius) Limited and GMR Hyderabad Airport Power Distribution Limited (GHAPDL) have ceased to be subsidiaries during the FY 2020-21. During the year 2022, new arrival terminal at Terminal 1 was competed and operationalized. Delhi International Airport Limited (DIAL) completed the rehabilitation work of British-era Runway 09/27 and handed over the refurbished runway to Air Traffic Control (ATC) for commercial operations. Out of the 15 new destinations added post COVID, eight new domestic destinations were added in FY 2021-22 including Srinagar, Dehradun, Pondicherry, Udaipur, Jamnagar, Jodhpur, Dimapur and Gondia and 4 international destinations were reconnected after the second wave viz. Chicago, Singapore, Kuala Lumpur and Male. Air India started a new route to London, becoming the first ever Indian carrier to connect Hyderabad to London. On the Cargo front, Cathay Pacific cargo started operating B747 freighter turnaround flight on a weekly basis on HKG-HYD-HKG route, earlier they used to operate via Delhi with shared capacity. SpiceXpress started scheduled freighter flights to Delhi, Bombay and Bangalore. Also, SpiceXpress started operating non-scheduled freighter to Bangkok once weekly, aiming to convert into scheduled operations, subject to market demand. In FY 2021-22, Rajiv Gandhi International Airport (RGIA) had second best recovery in terms of overall cargo tonnage, and best recovery in terms of domestic cargo tonnage among the metro airports in India. As on March 31, 2022, the Company has 25 subsidiary companies apart from 15 associate companies and joint ventures. During the year 2021-22, GMR Airports Netherland B.V and PT GMR Infrastructure Indonesia became subsidiaries of the Company. PT GMR Infrastructure Indonesia, subsequently ceased to be the subsidiary of the Company owing to Demerger. GMR Bajoli Holi Hydropower Private Limited ceased to be subsidiary and become associate of the Company. Pursuant to the Demerger of the Non-Airport Business of the Company to GMR Power and Urban Infra Limited. Post the Demerger, it was deemed appropriate to reflect the Airport Business in the name of the Company and accordingly, the Board of Directors approved the change of name of the Company from 'GMR Infrastructure Limited' to 'GMR Airports Infrastructure Limited' effective on August 27, 2022. Read More