GMR Group—controlled by billionaire G.M. Rao—has agreed to buy a 7.3% stake in India’s GMR Airports from its French partner, Groupe ADP, in a deal worth as much as €924 million ($1 billion).

Under the deal, Groupe ADP—the operator of three Paris airports—will first sell a 3.4% stake in GMR Airports to GMR Group for €256 million, with an option to sell another 3.9% for about €285 million. GMR Group will also buy €301 million worth of bonds convertible into GMR Airport shares from ADP in a deal expected to be completed by March 2027, the Paris-listed ADP said in a statement released on Thursday.

“Groupe ADP is taking the opportunity........

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