DIAL to sell 26% Delhi Cargo stake

The Delhi International Airport Limited (DIAL) has decided to sell its 26 per cent stake in Delhi Cargo Service Centre to India Infrastructure Fund-II for Rs 28.60 crore.

DIAL, a subsidiary of GMR Infrastructure, has entered into a definitive agreement to sell its entire stake of 26 per cent of the equity capital of Delhi Cargo Service Centre which operates cargo operations at Delhi Airport, GMR informed the exchanges.

DIAL has agreed to sell its entire holding of 1.09 crore equity shares of face value of Rs 10 each, to India Infrastructure Fund -II (investment manager - IDFC Alternatives Limited), for Rs. 26.20 per share aggregating a total consideration of Rs. 28.60 Crore, GMR said.
The consummation of share sale is subject to fulfilment of certain conditions precedent, GMR added.

Incorporated in 2009, Delhi Cargo Services Center Private Limited is the joint venture company of CSC, one of the leading cargo handlers in the country, with Delhi International Airport Limited (DIAL). CSC holds 74 per cent in the venture while and DIAL has a 26 per cent stake in the venture which provides air cargo handling services at the IGI Airport, Delhi.