Bangalore, India-based GMR Infrastructure is to list its airport business, potentially raising up to $500m.
The group has hired banks including Citigroup and JPMorgan to manage the process, Reuters said.
The business unit operates airports in New Delhi and Hyderabad in India and Istanbul in Turkey, as well as holding majority stakes in other Indian airports.
GMR Group is one of the fastest growing infrastructure enterprises in India with interests in airports, energy, highways and urban infrastructure sectors. The group also has operating assets and projects in several countries including Turkey, South Africa, Indonesia, Singapore. It is backed by private equity firms including Standard Chartered
The group was recently reported to be close to winning a $400m tender to operate central Philippines’ Mactan-Cebu International Airport. Earlier this year it sold a stake in its highway operator subsidiary to Macquarie.
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