Aviation Adia to invest $750m in debt of India’s GMR Group By Reuters October 23, 2024, 2:42 PM Alamy via Reuters The Indira Gandhi International Airport in Delhi operated by GMR Group: Adia’s investment will support the continued growth of GMR Airports Refinancing debt Aviation market presence GMR Airports growth Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, will invest about $750 million in the debt of India’s GMR Group, giving it a foothold in one of the world’s fastest-growing aviation markets. The investment will also allow the Indian company to reduce the pledged shareholding on its airports business. Adia has invested in structured debt instruments of a unit of GMR Enterprises (GEPL), the holding company of GMR Group. GEPL owns roughly a 25 percent stake in GMR Airports. Adia takes stake in Bajaj Housing Finance IPO Adia part of fund aiming to raise $4bn for India upgrade Adia’s new office in India to fast-track investments The funds will be used to refinance all external debt of GEPL, which is looking to lower its pledge on the shareholding of GMR Airports “significantly”, GMR Group said in an exchange filing. GEPL’s total debt had increased nearly 4 percent year-on-year to 45 billion rupees ($533 million), according to its latest annual report. “This investment from Adia will facilitate the repayment of all external debt at GEPL, strengthening our ability to support the continued growth of GMR Airports,” said GMR Group Corporate Chairman Kiran Grandhi. India’s domestic passenger traffic is expected to double to 300 million by 2030.