India’s GVK Power & Infrastructure Limited raised Rs 7,614 crore from three investors. The proceeds will be used to write off debts and fund the purchase of additional 23.5 percent stake in Mumbai International Airport (MIAL).

“GVK Power & Infrastructure’s subsidiaries, GVK Airport Developers (GVKADL) and GVK Airport Holdings (GVKAHL) have entered into definitive agreements with subsidiaries of the Abu Dhabi Investment Authority (ADIA), Public Sector Pension Investment Board (PSP Investments) supported by its global airports platform, AviAlliance, and with National Investment & Infrastructure Fund (NIIF), whereby the investors will make an aggregate investment of INR 7,614 crore, into GVKAHL,” the company said in a release.

Upon completion, GVKAHL will have four shareholders – GVKADL, ADIA, PSP Investments and NIIF. GVKADL will hold 20.9 percent stake in GVKAHL and the balance will be equally shared between the Investors.

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GVKAHL, is the holding company of MIAL and engaged in the business of developing, operating and managing the Chhatrapati Shivaji Maharaj International Airport (CSMIA) and development of Navi Mumbai International Airport (NMIA) through MIAL’s subsidiary Navi Mumbai International Airport (Private) Limited (NMIAL).

“MIAL and NMIAL will also benefit from the backing of global infrastructure investors as both airports embark on the next growth phase that would lead to unlocking significant value through real estate development in MIAL and the development of the NMIA,” said the company.

Dr. GVK Reddy will continue as Executive Chairman and Mr. G V Sanjay Reddy as Managing Director in both MIAL and NMIAL. Mr. Krishna R. Bhupal will continue as the Director of MIAL and also Executive Director of NMIAL. Both airports will continue to be branded as GVK Airports.

Citigroup Global Markets India Private Limited are the exclusive financial advisors and Cyril Amarchand Mangaldas are the legal advisors to GVK for the transaction.

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“We are delighted to welcome ADIA, PSP Investments and NIIF as shareholders in GVKAHL. Together, we will continue with our endeavors to create world-class infrastructure and a strong aviation hub that will provide the impetus for growth and development of Mumbai and India. We will now accelerate our efforts for developing the Navi Mumbai International Airport, monetizing MIAL’s real estate assets and building an even stronger airports business. This transaction validates the Government of India’s efforts to attract global investors into the country,” said Dr. GVK Reddy, Founder and Chairman, GVK