GMR sells two transmission projects to Adani
The Dollar Business Bureau GMR Infrastructure signed agreements with Adani Transmission to transfer its stake in two transmission projects in Rajasthan. According to the agreement, GMR will offload its stakes in Maru Transmission Services and Aravali Transmission Services and sell it to the Adani Group Company. GMR Infrastructure subsidiary will transfer 74% stake in Maru Transmission Services and 49% stake in Aravali Transmission Services to Adani Transmission with an option to continue with holding 26% stake in Maru Transmission Services and 51% in Aravali Transmission Services. However, the consummation of transaction is subject to applicable approvals. GMR Infrastructure in its press release claimed, “The equity consideration ascribed for the transaction involving both the projects is Rs 100 crore. The total value realisable for ...
Malaysias Tenaga to invest $300m in GMR Energy Ltd
The Dollar Business Bureau GMR Infrastructure Ltd said on Monday that Tenaga Nasional Bhd (TNB), Malaysia’s largest power utility company, will invest $300 million in its subsidiary GMR Energy Ltd (GEL). “Tenaga Nasional Berhad has agreed to invest about Rs.2,000 crore ($300 million) for a 30 percent stake in select portfolio of assets in GMR’s energy arm GEL,” the company said in a statement. The funds from the sale of stakes would mainly be utilised for repaying the corporate debt, it added. After this deal, GMR Infrastructure would be able to lessen down its corporate debt to Rs.4,300 crore from the existing Rs.6,300 crore. The company said that this would lead to a decline in consolidated corporate debt of GMR Infrastructure and will result in ...
GMR Energy begins operation of 768-MW power plant in Andhra
The Dollar Business Bureau The clean fuel used in the plant will make the power generation eco-friendly GMR Rajahmundry Energy Ltd. (GREL), a subsidiary of GMR Energy Ltd., on Friday announced that it has successfully started commercial operation of its 768-MW gas-based power plant in Rajahmundry, Andhra Pradesh. “The commercial operation of the power plant commenced with the beginning of gas supply under e-bid RLNG Scheme (“Scheme for utilisation of stranded gas based power plants”), which was launched by the government of India in March, 2015,” GMR Infrastructure Ltd. said in a statement. With the e-bid RLNG (Regasified Liquefied Natural Gas) Scheme, the 768-MW power plant can now operate at 50% Plant Load Factor (PLF). The unit can generate up to ...
