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FINWIRES

GMR Power to Offload Entire 26% Stake in Mumbai Airport JV

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GMR Power and Urban Infra (NSE:GMRP&UI, BOM:543490) agreed to sell its entire 26% stake in joint venture Portus Ventures to Adani Airport City for 36,400 Indian rupees, according to a Monday filing to the Indian stock exchanges.

The divestment is expected to be completed by June 17.

Portus was formed as a joint venture company with Shree Naman Developers for land development activities within the Chatrapati Shivaji Maharaj International Airport in Mumbai, India.

The project is in the pre-planning phase and recently entered the construction phase.

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