New Delhi: 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.
Read more:Serving, retired employees of public sector insurers to benefit from pension option
"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.
(Inputs from PTI)
