The Board of Directors of GMR Infrastructure Limited (NSEI:GMRINFRA) (GIL) announced the spin-off of GMR Power and Urban Infra Limited (GPUIL) on August 27, 2020. Under the terms of the composite scheme of amalgamation and arrangement (scheme), for every 10 equity shares of face value of INR 1 held in GIL, 1 equity share in GPUIL of face value of INR 5 to be issued to the equity shareholders of GIL. The appointed date for the scheme has been fixed at April 1, 2021. GMR Power and Urban Infra Limited had consolidated revenues of INR 25.1 billion. The equity shares of GPUIL (Non-Airport Businesses) issued pursuant sought for the resulting entity to the Scheme, shall be listed on BSE Limited and National Stock Exchange of India Limited pursuant to the Scheme becoming effective and subject to the requisite approvals. The Airport and Non-Airport Businesses will be listed separately. All existing shareholders of GIL to continue their same shareholding in GIL. The scheme also envisages amalgamation of GMR Power Infra Limited with GIL as a step preceding demerger. Post-transaction, the shareholding pattern of GPUIL will be identical to the shareholding pattern of GIL. The Scheme is subject to the receipt of approval from the shareholders and creditors of the GIL and GPUIL, National Company Law Tribunal, Mumbai bench, Securities and Exchange Board of India (SEBI), BSE Limited and National Stock Exchange of India Limited, listing of shares issued pursuant to the scheme on BSE and National Stock Exchange and other approvals. The transaction is approved by the audit committee and Board of Directors of GIL on August 27, 2020. As of December 21, 2020, GMR Infrastructure Limited has received consent from stock exchanges, with no adverse observations, on its proposed restructuring involving the demerger of its non-airport vertical business. As of August 14, 2021, the transaction has got in principle approvals for demerger from most of the financial creditors. As of December 22, 2021, National Company Law Tribunal, Mumbai Bench approved the transaction.

GMR Infrastructure Limited completed the Spin-Off of GMR Power and Urban Infra Limited on January 12, 2022.