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GMR Group Related news

GMR Infra gets nod from stock exchanges on its proposed restructuring plan

GMR Infra gets nod from stock exchanges on its proposed restructuring plan

GMR Infrastructure on Monday said it has received consent from stock exchanges, with no adverse observations, on its proposed restructuring involving demerger of its non-airport vertical business.

The company said it will file the scheme with the National Company Law Tribunal (NCLT) within six months.

GMR to sell 51% stake in Kakinada SEZ to Aurobindo Realty at Rs 2,610 Crore

GMR to sell 51% stake in Kakinada SEZ to Aurobindo Realty at Rs 2,610 Crore

GMR Infrastructure Limited on Friday announced divestment of the group's entire stake in Kakinada SEZ Limited (KSEZ).

The company in a statement said that the GMR SEZ and Port Holding Limited, a subsidiary of GMR Infra, is selling the 51 per cent equity to Aurobindo Realty and Infrastructure Private Limited (ARIPL).

GMR Infra, Reliance among 19 companies bidding to build Noida airport

GMR Infra, Reliance among 19 companies bidding to build Noida airport

GMR Infra, Adani, and Reliance Infra are among the 19 companies that have bid for developing the Rs 16,000-crore Noida international airport in Jewar, Uttar Pradesh.

The state government aims to complete technical and financial bidding by February-March 2020, said Shrikant Sharma, minister and state government spokesperson, in Lucknow on Tuesday after a cabinet meeting.

GMR Infrastructure rating: Buy; Performance in quarter was a mixed bag

GMR Infrastructure rating: Buy; Performance in quarter was a mixed bag

GMR Infrastructure’s (GMR’s) Q1FY20 adjusted loss of Rs 3.4 bn came in line with our estimate. Delhi Airport’s (DIAL) traffic continued to moderate due to the Jet Airways issue; Hyderabad Airport’s (HIAL) traffic grew 8% y-o-y. In the power segment, PLF improved y-o-y in Warora, but fell in Kamalanga due to major maintenance undertaken during the quarter.

Adani Power buys GMR plant for Rs 4,792 crore

Adani Power buys GMR plant for Rs 4,792 crore

Adani Power on Thursday announced that it had acquired GMR Chhattisgarh Energy’s 1,370-MW plant for an enterprise value of `4,792 crore after the consortium of lenders, led by Axis Bank, approved the stake sale. This will be the third project to be resolved outside the insolvency route after Prayagraj Project of Jaiprakash Associates and SKS Power’s Binjkote project.

Impairment hit: GMR Infra’s Q4 loss at Rs 2,341 cr

Impairment hit: GMR Infra’s Q4 loss at Rs 2,341 cr

GMR Infrastructure suffered Rs 2341.25 crore loss on consolidated basis during the quarter ended March 31, owing to impairment losses of some of the power assets, the infra major said in a filing with bourses Thursday. The company reported Rs 4.81 crore profit after tax during the same quarter in FY18. Consolidated total income stood at Rs 2293.63 crore during the quarter under discussion against Rs 2234.88 crore in the same quarter in FY18, it said.

GMR Group to set up business park in Hyderabad

GMR Group to set up business park in Hyderabad

GMR Group is setting up a business park in Hyderabad to be developed by GMR Hyderabad Aerotropolis, a subsidiary of GMR Hyderabad International Airport. The area covered by the business park is one million square foot where six business complexes would be developed. The project will be financed through debt and internal accruals of Rs 350 crore. It will be developed in two phases. The first phase comprises four towers, of which one is ready for occupancy.

GMR Rajahmundry achieves resolution plan for Rs 2,353-crore debt with lenders

GMR Rajahmundry achieves resolution plan for Rs 2,353-crore debt with lenders

GMR Group’s debt-laden 768 MW gas-based Rajahmundry power plant in Andhra Pradesh has achieved a resolution plan with the IDBI Bank-led consortium of lenders for payment of `2,353 crore debt.

Lenders holding majority 55% stake in Rajahmundry Energy, a subsidiary of GMR Infrastructure, have agreed to a payment plan where `1,130 crore will be paid at 9% rate of interest over the next 20 years, while `941 crore has been converted into cumulative reedemable preference shares at 0.1% repayable from 17th to 20th year.

GMR Infra announces resolution for Rajahmundry gas power plant

GMR Infra announces resolution for Rajahmundry gas power plant

GMR Infrastructure Limited (GIL) announced execution of resolution plan for its stressed GMR Rajahmundry Energy Limited (GREL) – 768 MW gas-fired power plant in Andhra Pradesh. The company informed the exchanges on Friday morning that it has paid a portion of the sustainable debt of the project.

Tata, GIC, SSG to pick up Rs 80-billion stakes in GMR's airport unit

Tata, GIC, SSG to pick up Rs 80-billion stakes in GMR's airport unit

A consortium including India’s Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest Rs 80 billion ($1.2 billion) to buy a stake in GMR Airports Ltd.

The deal will pump Rs 10 billion into GMR Airports, a unit of GMR Infrastructure Ltd. and purchase Rs 70 billion of the airport unit’s equity shares from the parent, according to a statement. GMR operates Delhi International Airport Ltd., the country’s biggest airport.

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