GMR Infrastructure has successfully completed the previouslyannounced strategic partnership with Groupe ADP. This is a significant development given the unprecedented times of COVID-19 pandemic.

As per the revised Share Purchase Agreement, the second trancheof the investment for 24.01% of GMR Airports has been structured in two parts:

- A firm amount, immediately paid at Second closing, for a total of Rs. 4,565 crore, including Rs. 1,000 crore equity infusion in GMR Airports.

- Earn-outs amounting to Rs 1,060 crore, subject to the achievement of certain performance related targets by GMR Airports upto FY2024.

Accordingly, Groupe ADP has increased earn-outs for GMR which are now pegged at up to Rs. 5,535 crore compared to the earlier Rs. 4,475 crore. These Earn-outs are linked to the achievement of certain agreed operating performance metrics as well as the receipt of certain regulatory clarifications over the next 5 years.

The amount of Rs. 4,565 crore towards second & final tranche payment from Groupe ADP has been received. This money will primarily be used in servicing the debt which will help deleverage GMR Group further and result in improved cash flows and profitability.

As part of the terms of transaction, GMR will retain management control over the Airports Business with Groupe ADP having the customary rights and Board representation at GMR Airports and it's key subsidiaries.

The partnership between GMR and Groupe ADP is being structured as a strong strategic partnership to bebuilt on two-way exchange of expertise, personnel, knowledge and market access. Passengers and otherstakeholders will also benefit immensely and thereby setting newer industry-defining benchmarks.

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GMR Infrastructure will hold a meeting of the Board of Directors of the Company on 29 June 2020.

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GMR Infrastructure announced that the transaction pertaining to thedivestment of GMR Energy's entire stake in GMR Kamalanga Energyto JSW Energy has been put on hold due to the outbreak of the pandemic Covid-19 and nationwide lock down and will be revisited once the situation normalizes.

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GMR Infrastructure announced that the company's board has co-opted Suresh Narang (DIN:08734030) as an Additional Director with effect from 22 April 2020 in the category of Independent Director. He has been appointed for a term of five years, subject to approval of the shareholders of the Company.

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