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Adani Power buys GMR plant for Rs 4,792 crore
Posted on 5th July 2019
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
Posted on 30th May 2019
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
Posted on 22nd May 2019
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
Posted on 4th May 2019
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
Posted on 3rd May 2019
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
Posted on 27th March 2019
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.

Adani group eyes new venture as it joins race for six AAI airports
Posted on 23rd February 2019
The Adani group, which straddles the businesses of power, ports, real estate, agriculture and defence, among others, is moving into airports.

A few days ago, the group made an aggressive entry by bidding for all the six airports put up for privatisation by the Airports Authority of India, locking horns with big boys in the airport infrastructure business (the GMR group has thrown its hat into the ring for all the airports).

GMR, GVK, Doit Smart Infra file bids for Bhogapuram airport project in AP
Posted on 23rd February 2019
Three companies — GMR, GVK, and Doit Smart Infrastructure India — have submitted their bids for green-field Bhogapuram International Airport project. The deadline for filing of bids ended on Friday.

A senior official of the Andhra Pradesh Airports Development Corporation, the government nodal agency handling the bidding process, has confirmed the development.

GMR, Terna sign agreement for new airport in Greece; to invest 500 mn euros
Posted on 22nd February 2019
GMR Infrastructure on Friday said its subsidiary GMR Airports and its Greek partner Terna Group have signed a concession agreement for construction of the new international airport in Greece's island Crete.

The consortium intends to invest over EUR 500 million (approx Rs 4,034.28 crore) for development of the new airport, GMR Infrastructure said in a regulatory filing.

GMR Infra suffers Rs 561-cr loss in Q3, energy and highway businesses bleed
Posted on 15th February 2019
GMR Infrastructure Limited has said it suffered Rs 561.04 crore loss for the quarter ended December 31, 2018 against Rs 578.40 crore loss for the same quarter in FY18.

According to a regulatory notice filed Thursday night, the infra major said the total income during the quarter under discussion stood at Rs 2,119.87 crore down from Rs 2,276 crore in Q3FY18.

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