Abu Dhabi Investment Authority intends to invest about $750 million in the debt of India's GMR Group.
The investment will allow the Indian company to reduce its equity stake in the airport business, Reuters reported.
ADIA invested in the structured debt instruments of GMR Enterprises, the holding company of GMR Group. GMR Enterprises owns approximately 25 percent of GMR Airports.
GMR Group said the funds will be used to refinance all external debt of GMR Enterprises, which is looking to significantly reduce its equity commitment in GMR Airports.
GMR Enterprises' total debt rose about 4 percent year-on-year to Rs 44.77 billion ($532.5 million).
Abu Dhabi Investment Authority (ADIA) topped the ranking of the world’s most powerful sovereign wealth fund brands, according to the latest report on the 50 largest asset management companies and sovereign wealth funds in 2024, issued by Brand Finance.
According to the report, Abu Dhabi Investment Authority (ADIA) received an A+ rating, while its score on the brand index reached 63.9 points.
