GMR Infra arm signs pact with APGDC for piped natural gas supply
Posted on 12th October 2018 |
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GMR Infrastructure on Thursday said its arm Kakinada SEZ had inked a pact with Andhra Pradesh Gas Development Corporation (APGDC) for supply of piped natural gas. “Kakinada SEZ, a subsidiary of GMR Infra, signed an MoU with APGDC to get access to piped domestic natural gas for its upcoming 10,500-acre zone,” the company said in a filing to BSE. |
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GMR Infra seals deal with three PE investors, gives 5.8% in airport firm
Posted on 9th October 2018 |
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GMR Infrastructure will give Rs 35.6 billion by way of cash and 5.86 per cent stake in its airport holding company to three private equity (PE) investors, ending two years of litigation. The immediate cash payout works out to around Rs 15 billion, as the three investors are to give new loans of Rs 20.05 billion as part of the transaction. In 2010-11 and 2011-12, GMR Group had raised Rs 14.78 billion via compulsorily convertible preference shares from SBI Macquarie, Standard Chartered Private Equity, JM Financial Old Lane and others. |
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GMR Infra agrees to settlement with PE investors, arbitration withdrawn
Posted on 8th October 2018 |
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Infrastructure major GMR Infra on Monday announced it had received the consent award from the arbitral tribunal based on the settlement agreement signed by it with private equity investors. This was with respect to certain arbitration proceedings administered by the Singapore International Arbitration Centre. |
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GMR Infra emerges highest bidder for Nagpur Airport privatisation
Posted on 1st October 2018 |
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GMR Airports, a subsidiary of G M Rao-led GMR Infrastructure has emerged as the highest bidder for the development, operations and management of Nagpur’s Babasaheb Ambedkar International Airport on a public-private partnership (PPP) basis. MIHAN India, a joint venture between Maharashtra Airport Development Company (a Government of Maharashtra undertaking) and Airport Authority of India, had in March 2018 sought requests for proposal to privatise the Nagpur airport. |
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GMR Infra loss widens 72% to Rs 235 cr in Q1
Posted on 17th August 2018 |
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GMR Infrastructure’s net loss on a consolidated basis widened by 72% year-on-year (y-o-y) to Rs 235.14 crore in the quarter ended June 30 on dwindling profits from its airports business and rising losses on the power segment. Revenue in the quarter fell about 33% to Rs 1,876.2 crore from the same period last year. Profits from the company’s flagship airport segment fell 60% y-o-y to Rs 277 crore, notwithstanding the 14% traffic growth in the same period. |
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GMR Infra loss widens 72% to Rs 235 cr in Q1
Posted on 16th August 2018 |
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GMR Infrastructure’s net loss on a consolidated basis widened by 72% year-on-year (y-o-y) to Rs 235.14 crore in the quarter ended June 30 on dwindling profits from its airports business and rising losses on the power segment. Revenue in the quarter fell about 33% to Rs 1,876.2 crore from the same period last year. Profits from the company’s flagship airport segment fell 60% y-o-y to Rs 277 crore, notwithstanding the 14% traffic growth in the same period. |
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Vedanta offers Rs 2,500 cr for GMR’s Chhattisgarh thermal power plant
Posted on 14th July 2018 |
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Vedanta quoted the highest offer of Rs 2,500 crore for GMR’s 1,370-MW thermal power plant in Raikheda, Chhattisgarh, sources told FE. The offered price estimates the cost of the plant at Rs 1.8 crore/MW, significantly lower than the Rs 6 crore/MW needed to set up a coal-based power generation asset. Adani Power is said to have quoted the second highest price, but it could not be immediately ascertained. |
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GMR Infra to build commercial port near Kakinada
Posted on 29th June 2018 |
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HYDERABAD: GMR Infrastructure has announced securing the contract to build a greenfield commercial port near Kakinada through the Swiss Challenge mode. In a statement, the infrastructure firm said that the all-weather, deep-draft and multi-cargo port will come up at some 30 km north of Kakinada, located as one of the nodes of the proposed Visakhapatnam-Chennai Industrial Corridor. |
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GMR JV’s international airport terminal in Philippines to start operations from July 1
Posted on 28th June 2018 |
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GMR-Megawide, a 40:60 joint venture between Indian airport operator GMR and the Philippines’ Megawide, is all set to welcome airlines and passengers at its newly-constructed Terminal 2 (T2), the international terminal of the Mactan Cebu International Airport (MCIA), from July 1. The $600-million project is part of the first ‘airport resort’ in the world that GMR-Megawide has been managing since 2015 after winning the concession agreement. |
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GMR Infrastructure struggles to take wing in turbulent skies
Posted on 7th June 2018 |
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GMR Infrastructure Ltd’s two main businesses of energy and airports are still not out of the woods. The company’s shares have fallen by 13% since its March quarter results were declared five days ago. Investors were unimpressed by the auditor’s qualification of a 2,255 crore impairment loss on a stranded power project. Even GMR Infra’s defence that the project has been referred for Special Debt Restructuring, and the onus is now on the bankers, did not help. |
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