New Delhi, Jan 9 (PTI) GMR Airports on Thursday said one of its subsidiaries will sell stake in a joint venture in the Philippines for USD 1.365 million.

According to a regulatory filing, GMR Airports International B.V. (GAIBV), has agreed to divest its 50 per cent stake in Megawide GMR Construction JV to Megawide Construction Corporation for USD 1.365 million.

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MGCJV was engaged in execution of the engineering, procurement, and construction works of Clark Airport in the Philippines.

"Post completion of the EPC works of Clark Airport, in the year 2020, MGCJV has not been carrying any operations," the filing said.

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Megawide Construction Corporation already holds 50 per cent stake in the joint venture.

GMR Group is part of the consortium that operates Clark airport.

The group also operates an airport in Indonesia and three in India -- Delhi, Hyderabad, and Goa.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)