GVK Power & Infrastructure Limited (GVKPIL) announced that its subsidiaries, GVK Airport Developers Limited (GVKADL) and GVK Airport Holdings Limited (GVKAHL), have signed a term sheet and exclusivity agreement with the Abu Dhabi Investment Authority (ADIA) and the National Investment & Infrastructure Fund (NIIF) for an investment in new shares in GVKAHL equating to a 49% stake. The transaction is subject to the conclusion of confirmatory due diligence by ADIA and NIIF, agreement on definitive documents and satisfaction of customary closing conditions including regulatory/third party approvals and lender consents.

GVK had initiated a process to identify and select preferred investors to raise capital to reduce or refinance debt obligations of up to INR 57,500 million (US$ 828.64 million). Citigroup Global Markets India Private Limited is acting as the exclusive financial advisor to GVK for the transaction. ADIA and NIIF were selected as the preferred partners by GVK following this process. All proceeds from the proposed transaction will be used by GVK towards retiring debt obligations.