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An announcement from GMR Airports Ltd ( (IN:GMRAIRPORT) ) is now available.
GMR Airports Limited has announced that its wholly-owned subsidiary, GMR Cargo and Logistics Limited (GCLL), has secured a Rupee Term Loan Facility of INR 750 crore from Axis Bank to support the development of Cargo City at Delhi International Airport. To secure this loan, GMR Airports has provided a Sponsor Support Undertaking, pledging 51% of its shares in GCLL and agreeing to infuse additional funds if necessary. The agreement with Axis Bank ensures financial backing for the project, which is crucial for the expansion and operational efficiency of GMR’s cargo services. The undertaking will remain valid through the construction period and one year of operations, with no immediate impact on GMR Airports’ financials.
More about GMR Airports Ltd
GMR Airports Limited, formerly known as GMR Airports Infrastructure Limited, operates in the aviation industry, focusing on airport infrastructure development and management. The company is involved in developing and maintaining airport facilities, with a particular emphasis on cargo and logistics services.
Average Trading Volume: 700,483
Technical Sentiment Signal: Buy
Current Market Cap: 1100.5B INR
See more insights into GMRAIRPORT stock on TipRanks’ Stock Analysis page.