GMR Airports Divests Stake in Philippine Venture

GMR Airports' subsidiary, GMR Airports International B.V. (GAIBV), plans to sell its 50% stake in the Megawide GMR Construction JV to Megawide Construction Corporation for USD 1.365 million. The joint venture was responsible for engineering, procurement, and construction at Clark Airport, Philippines, and ceased operations in 2020.

GMR Airports announced on Thursday that it will sell its stake in a Philippine joint venture for USD 1.365 million.

In a regulatory filing, GMR Airports International B.V. (GAIBV) revealed plans to divest its 50% interest in Megawide GMR Construction JV to Megawide Construction Corporation.

Megawide Construction Corporation already holds the remaining 50% stake in the joint venture, which was involved in the EPC works for Clark Airport, completed in 2020, and has been inactive since.

(With inputs from agencies.)