GMR Group plans to offload road, power, airport assets to pare its Rs 20,000 cr debt

The group has already sold part of its power transmission business and lenders converted part of their debt into equity in two of GMR's power plants last year

Reuters June 02, 2017 18:20:14 IST
GMR Group plans to offload road, power, airport assets to pare its Rs 20,000 cr debt

Indian conglomerate GMR Group plans to sell roads, power and airport assets and refinance its loans to help reduce debt and expand its business, its chief financial officer said on Friday.

GMR Group plans to offload road power airport assets to pare its Rs 20000 cr debt

Image courtesy GMR

Saddled with Rs 20,000 crore ($3.10 billion) in debt, GMR is exploring various options including raising Rs 500-600 crore by monetising its road assets and Rs 1,000-1,200 crore by selling land or coal mines in Indonesia, CFO Madhu Terdal told reporters at a briefing.

Terdal said the group was also looking at refinancing debt held by subsidiaries. It is also planning an initial public offering for GMR Energy Ltd.

GMR's debt has restricted its ability to raise money to fund expansion as India's infrastructure sector continues to reel from debt piled up over the previous decade.

The group has already sold part of its power transmission business and lenders converted part of their debt into equity in two of GMR's power plants last year.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

GMR plans to cut its soaring debt, but infra arm faces exhcange ire over fund raising news
Business

GMR plans to cut its soaring debt, but infra arm faces exhcange ire over fund raising news

Group is planning to reduce its corporate debt by 20-30% over the next one-and-a-half years

GMR wins int'l arbitration against Maldives, gets $270 million payout
Business

GMR wins int'l arbitration against Maldives, gets $270 million payout

GMR Group today said it has won an international arbitration against the Maldives government and has been awarded USD 270 million as compensation from the island nation after its contract to build an international airport in Male was arbitrary cancelled.

Pro Kabaddi League: Raider Rishank Devadiga named captain of UP Yoddha for upcoming season
Sports

Pro Kabaddi League: Raider Rishank Devadiga named captain of UP Yoddha for upcoming season

The team is being coached by former national player Jasvir Singh. Jasvir is a former Asian Games Gold medallist and was a part of the national squad that won the World Cup in 2016.