Adia invests in GMR Group: The Abu Dhabi Investment Authority’s (Adia) completed its INR 63 bn (c. USD 733.4 mn) debt investment in Indian infrastructure firm and airport operator GMR Group, the firm said in a filing (pdf) on the Indian stock exchange. The investment comes in the form of optionally convertible debentures, which can be converted into equity based on specific conditions later down the line.

ICYMI- Adia received the greenlight from India’s competition watchdog for the debt subscription last month as GMR Group looks to refinance its external debt — which reached INR 44.8 bn (c. USD 532.5 mn) as of December — and reduce pledged shareholding in its airport business. The transaction saw a GMR Group special purpose vehicle acquire a 9% stake in GMR’s airport unit GMR Airports, in order to pledge it to Adia to secure its subscription, the company said in a previous filing.

IN OTHER ADIA UPDATES-

Adia consortium closes in on Malaysia Airports privatization: A consortium comprising Abu Dhabi Investment Authority (Adia), Global Infrastructure Partners (GIP), Khazanah Nasional Berhad, Malaysia’s Employees Provident Fund (EPF), and BlackRock secured an 84.1% stake in Malaysia Airports, Reuters reports. The group is advancing towards the 90% threshold required for privatization, after its stake rose to 70.08% earlier this week, up from 40.85% in December. The deadline for shareholder acceptance was recently extended to 17 January from the original deadline of 8 January.

REFRESHER- The consortium made an offer in May 2024 to acquire shares in Malaysia Airports at RM 11 each, valuing it at RM 18.4 bn (USD 4.1 bn). In November, the consortium submitted the formal conditional offer proposing that Adia and GIP acquire a 30% stake in Malaysia Airports, while the two Malaysian investors would collectively hold 70%. The consortium plans to upgrade infrastructure, enhance connectivity, and improve services, stating that privatization would better support these objectives.

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