GMR Group says NCLT approves non-airport demerger plan

GMR Infrastructure on Thursday said it has received an approval from the Mumbai bench of National Company Law Tribunal on the demerger of its non-airport businesses.

"The Hon'ble National Company Law Tribunal, Mumbai Bench (Tribunal) has sanctioned the composite scheme of arrangement amongst GMR Power Infra Limited (GPIL), GMR Infrastructure Limited (GIL) and GMR Power and Urban Infra Limited (GPUIL) and their respective shareholders (Scheme) under Sections 230 to 232 of the Companies Act, 2013," the company said in a statement. 

"The Tribunal after hearing the company petition filed in this regard has, by its order pronounced on December 22, 2021 sanctioned the scheme, wherein the appointed date is April 1, 2021," it added.

With an aim to deepen its business, the group had in 2020 announced its plans to restructure its various business verticals and list its airports business separately.