GMR Infrastructure in a statement on Wednesday said that a consortium of Tata Group, an affiliate of Singapore's sovereign wealth fund GIC Private Ltd and SSG Capital Management will invest Rs 8,000 crore ($1.16 billion) in its GMR Airports Ltd unit.

The deal has been made to infuse Rs 1,000 crore into GMR Airports and Rs 7,000 crore to purchase its equity shares from its parent company GMR Infrastructure. GMR operates India's biggest airport (Asia's sixth-biggest), that is, the Delhi International Airport.

The statement further said that Tata Group will hold 20 percent stake in the airport unit, while GIC and SSG will get 15 percent and 10 percent respectively. The deal values the GMR Airports at Rs 18,000 crore.

GMR Infrastructure will hold 54 percent in GMR Airports Ltd and will have management control.

Shares of GMR Infrastructure rose as high as 9.8 percent to open at Rs 21.35 apiece on NSE on Wednesday morning, the highest surge seen for the stock since 3 September.

Tata Group owns two local airlines but is entering the airport business for the first time.

GMR operates airports in Hyderabad and Cebu as well and is developing greenfield airports in Goa and Crete. The parent company has a net debt of $2.9 billion as of December 2018 and has been selling assets to pay it off.