MUMBAI Dec 12 India's GMR Infrastructure Ltd
has hired four banks including Citigroup and JPMorgan
to manage the listing of its airport business that is expected
to raise $300-$350 million, sources with direct knowledge of the
The company, whose business interest includes airport, power
and roads, has also picked Axis Capital, a unit of private
Indian lender Axis Bank, and IDFC for the public
offering, three sources involved in the process said.
All the sources declined to be identified as the IPO plans
are not public yet. GMR, Citigroup, Axis Bank and IDFC declined
to comment. JPMorgan did not respond to a request for comment.
GMR operates airports in New Delhi, southern Indian city of
Hyderabad and Istanbul in Turkey in partnership with other
companies. The company owns majority stakes in both the Indian
airport joint ventures.
The group founders and private equity investors including
Standard Chartered will sell some of their shares in
the initial public offering of the airport unit, expected in the
second half of next year, said the sources.
GMR, which is said to be in talks to sell its 40 percent in
Istanbul's Sabiha Gokcen airport, is part of a consortium likely
to win a $400 million tender to operate central Philippines'
Mactan-Cebu International Airport.
(Reporting by Indulal PM and Sumeet Chatterjee; Editing by