GMR Airports Ltd (formerly GMR Airports Infrastructure Ltd), a leading airport infrastructure company, has entered into an agreement to subscribe to up to 49% of the share capital of TIM Goa Airport Advertising Pvt Ltd (TGAAPL) for a cash consideration of ₹16.59 crore.
The investment will be made through equity, loan, convertible instruments or a combination of these, in one or more tranches.
Company background
TGAAPL, incorporated on May 20, 2025, will primarily undertake the advertisement business at Manohar International Airport, Mopa, Goa.
The company will acquire the airport advertising business through a novation process from its parent, TIMES Innovative Media Ltd (TIML).
Nil revenue
TGAAPL is yet to commence operations and did not record any revenue in FY26.
However, the advertisement business proposed to be transferred generated revenue of ₹30.15 crore in FY26, ₹23.70 crore in FY25 and ₹14.33 crore in FY24, as recorded by TIML from operations at Mopa Airport.
Varied interests
GMR Airports, the airport holding company of the GMR Group, has investments across multiple airport entities and airport-adjacent businesses, including duty free, cargo, car parking and retail.
The company said the investment aligns with its strategy to diversify and strengthen its presence in airport-adjacent businesses.
The acquisition is expected to expand GMR Airports’ presence in a complementary business closely linked to airport operations.