Search Result for : Gmr Infrastructure

The Dollar Business Bureau India’s GMR Infrastructure had bid along with Greece’s GEK TERNA last year to build an airport on the island of Crete, Greece. The bid priced at 480 million euros was well below the expected 850 million euros sources revealed. The final bid is yet to be disclosed but the news that a ‘financial offer was unsealed on Tuesday’ was revealed by an anonymous official to the media. Greece had attempted to build the Heraklion airport several times since 2010 but due to its 7 year financial crisis, there were no investors ready to put their money into it. This project a public-private one will finally replace the ageing airport at Heraklion. Heraklion is  Greece’s second largest airport and ...

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 ...

The Dollar Business Bureau The GMR Rajahmundry Energy Ltd (GREL), subsidiary of GMR Infrastructure Ltd, said that lenders have acquired 55 percent share in the GREL after debt restructuring. "GREL’s group of lenders has adopted the Strategic Debt Restructuring Plan (SDR), as given under the scheme allowed by the Reserve Bank of India (RBI)," the company said in a statement. "In accordance with the Plan, GREL has issued equity shares in proportion to all the lenders, in its meeting held on Monday. As per the SDR Plan, out of entire debt of Rs.3,780 crore, an outstanding amount of Rs.1,414 crore has been transformed into equity by which the consortium of lenders got 55 percent holdings and the remaining share of 45 percent remained with ...

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 ...

The Dollar Business Bureau Kakinada SEZ Pvt. Ltd. (KSEZ), a subsidiary of GMR Infrastructure Ltd. has signed an agreement with Japanese construction major JGC Corporation (JGC) to jointly develop an export-oriented food processing park at Kakinada SEZ. As part of the agreement, GMR and JGC will jointly undertake a detailed study to develop and operate the food processing park which will cater to various food and agro processing sectors like sea food, fruits and vegetables, pulses and grains, dairy products, spices and nuts. “The significant traction built by the governments of India and Japan and the recent discussions between the Chief Minister of Andhra Pradesh and the Ministry of Economy Trade & Industry (METI), Govt. of Japan have persuaded Japanese industry ...