GMR Infrastructure on Monday said its subsidiary GMR Hyderabad International Airport Ltd (GHIAL) has fully divested its stake in its flight training arm to a third party for a token consideration.
The company did not disclose what that token consideration was.
“GHIAL has divested its 100 per cent stake in its subsidiary namely Asia Pacific Flight Training Academy Ltd (APFTAL) to a third party, for a token consideration,” GMR Infrastructure said in a regulatory filing.
APFTAL, engaged in the business of providing flight training, had reported a turnover of Rs 4.72 crore for the nine month period ended December 31, 2018.
“Consequent to the above divestment, APFTAL has ceased to be a subsidiary of GHIAL and thereby also of GIL,” the company added.