GMR Airports Ltd on Wednesday said it has set up a subsidiary GMR Aero Realty Ltd (GARL) to explore real estate, land development and other related opportunities.

In a regulatory filing, the company said GARL was incorporated on October 13 with an initial subscribed and paid-up share capital of Rs 1 crore, PTI reported.

GARL would engage in “carrying out any real estate, land development and other related opportunities that may come up from time to time,” and is yet to commence business operations, the filing said.

The subscription to the Memorandum of Association of GARL by the company is not a related-party transaction. Promoter/promoter group/group companies of the company do not hold any interest in the said transaction other than any direct/indirect shareholding, as per the filing.