New Delhi, Feb 26 (IANS): France's Groupe ADP has transferred Rs 5,248 crore as the first tranche of payment for purchase of GMR Group's 49 per cent stake in GMR Airports.

On February 21, GMR Infrastructure Ltd (GIL) had entered into a strategic partnership with Groupe ADP to sell 49 per cent stake in its airports arm for an equity consideration of Rs 10,780 crore.

"Pursuant to the agreements GMR Group has entered into with Groupe ADP for partnership in airports business, GMR confirms that the Group has received Rs 5,248 crore towards first tranche of payment from Groupe ADP," the company said in a statement on Wednesday.

"The end utilisation of monies has been mainly for corporate debt reduction. Further, the GMR Group has provided exit to the existing private equity investors in GMR Airports Limited."

GIL had signed a share purchase agreement with Groupe ADP for the stake sale which will value GMR Airports Ltd (GAL) at the base post money valuation of Rs 22,000 crore.

"This equity consideration comprises Rs 9,780 crore towards secondary sale of shares by GMR group, and Rs 1,000 crore equity infusion in GAL," GIL had said in a statement.

"Groupe ADP has also pegged 'Earn-outs' of up to Rs 4,475 crore linked to achievement of certain agreed operating performance metrics as well as on receipt of certain regulatory clarifications over the next five years. The total valuation, assuming all above 'Earn-outs' are successfully consummated, may reach Rs 26,475 crore on 'Post Money Basis'," it said.

The development assumes significance since last year GIL had announced a pact with Tata Group and other investors to divest 49 per cent stake in its airports business. However, there has been no movement regarding the same.

GMR Group's airport portfolio has around 172 million passenger capacity in operation and under development, comprising India's busiest airport - Indira Gandhi International Airport in New Delhi, Hyderabad's Rajiv Gandhi International Airport and the Mactan Cebu International Airport in partnership with Megawide in The Philippines.

Greenfield projects under development include airport at Mopa in Goa and at Heraklion, Greece, in partnership with GEK Terna.

The Group has also received Letter of Intent for development and operations of Nagpur Airport on PPP basis and has further emerged as the highest bidder for the development and operation of the greenfield airport at Bhogapuram in Andhra Pradesh.

Furthermore, the group recently signed concession agreement to commission, operationalise and maintain the civilian enclave at the Bidar Airport in north Karnataka.

The Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.