India's GMR agrees to sell Istanbul airport stake for S$392 mn

NEW DELHI (REUTERS) - India's GMR Group has agreed to sell its entire 40 per cent stake in Istanbul's Sabiha Gokcen airport for 225 million euros (S$392 million) to Malaysia Airports Holdings Bhd, the Indian company said on Monday.

Malaysia Airports, which already holds 20 per cent stake in the airport, Turkish firm Limak, which owns 40 per cent, and GMR acquired the operating rights to the airport for 20 years for 1.93 billion euros in 2007.

Malaysia Airports had the right of first refusal for the GMR stake, the Indian company said.

GMR, whose business interest include airport, power and roads, has been divesting stakes to cut its debt load.

Earlier this year, it exited a Singapore power project for US$532 million (S$675 million).

It also sold its majority stake in a highway project in India for about US$35 million.