GMR offloads equity stake in APFTAL

Last Updated: Mon, Mar 04, 2019 14:55 hrs
GMR Airports (Image Courtesy: GMR Group)

GMR Hyderabad International Airport Limited (GHIAL) said on Monday that it has offloaded all its stake in Asia Pacific Flight Training Academy Limited (APFTAL).

"Consequent to the above divestment, APFTAL has ceased to be a subsidiary of GHIAL and thereby also of GMR Infrastructure Limited (GIL)," the company informed stock exchanges in regulatory filings.

It did not mention to whom and at what price the divested stake was offloaded.

APFTAL is engaged in the business of providing flight training. In the 9 months ended December 31, 2018, the academy had a turnover of Rs 4.72 crore and loss of Rs 1.47 crore. Its accumulated losses total Rs 11.37 crore.