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GMR loss widens to Rs593 crore in June quarter
Posted on 14th August 2014
Bangalore: Losses at infrastructure company GMR Infrastructure Ltd widened to Rs.593 crore in the first quarter of fiscal 2015, 82% more than the Rs.326 crore loss it posted the previous year.

The company had finished the last fiscal year on a high, posting profit of Rs.1,170 crore mainly due to asset sales as the company took measures to address its burgeoning debt.


GMR gets 'nod' to buy out stake in MRO unit
Posted on 6th August 2014
The Board of Approvals, under the Union Ministry of Commerce, has given its conditional nod to a GMR Group proposal to buy out the 50 per cent stake owned by its partner Malaysian Aerospace Engineering in an aircraft maintenance repair and overhaul (MRO) unit.

The MRO unit is located at an Special Economic Zone (SEZ) near the Hyderabad International Airport. “After deliberations, the board has decided to approve the proposal subject to each entity independently fulfilling the following conditions,” the Board of Approvals said as per the minutes of its recent meeting.


GMR group moves to strengthen balance sheet
Posted on 28th July 2014
Mumbai: With investors starting to look at Indian assets more favourably, the debt-laden GMR Group is moving quickly to strengthen its balance sheet.

The Bangalore-based infrastructure conglomerate, which has accumulated debt of Rs.33,599 crore, plans to raise funds by selling shares in at least two group companies, even as it continues to consider selling some of its assets.


GMR to raise $350 million via overseas bonds
Posted on 25th July 2014
Mumbai: Debt-strapped infrastructure developer GMR Group plans to raise $350 million (around Rs.2,100 crore) by selling bonds to foreign investors and will use the money to refinance the debt of its subsidiary Delhi International Airport Ltd, or DIAL, a top company executive said.

GMR’s plan comes even as several companies are taking the overseas bonds route to raise money, and their success is a sign that investor appetite for Indian paper has returned.


GMR, GVK projects set to get land in TN
Posted on 18th July 2014
The Tamil Nadu Industrial Development Corporation (Tidco), the government agency working on identifying and promoting establishment of large and medium scale industries in the state, is in the process of procuring and alloting land for two major special economic zone projects - one by GMR Infrastructure Ltd and another by the GVK Group.

G M Rao to raise stake in GMR Infra
Posted on 18th July 2014
G M Rao, chairman of the publicly-held GMR Infrastructure, plans to increase his stake in the company by about five per cent through the subscription of 180 million warrants for which he will pay about Rs 600 crore over an 18-month period. As and when the shareholders approve the warrant issue to GMR Infra Venture LLP - a promoter entity of which the ultimate beneficiary will be G M Rao - GMR Infra Ventures will be paying 25 per cent of the Rs 600 crore upfront.

Monetisation of Delhi land: GMR could get over Rs 100 crore per acre
Posted on 15th July 2014
GMR Infra, a publicly held firm that manages the Delhi international airport, is set to kickstart the second phase of monetisation of its 230-acre land parcel near the airport. The price it might get for its land is estimated to tip over Rs 100 crore per acre and go in the range of Rs 105-110 crore an acre.

In the first phase of monetisation in 2009, GMR had sold 45 acres of the parcel at Rs 75-90 crore an acre to various hospitality majors. This time, it could try to get approvals for also selling to other players besides hospitality ones.


GMR’s QIP to ease debt burden
Posted on 7th July 2014
Aggressive attempts by GMR Infrastructure Ltd to trim debt, lower the debt-to-equity ratio and boost cash flows from the business are sustaining investor interest in the stock.

Last week, the private sector infrastructure company raised about $200 million through a qualified institutional placement (QIP) and $100 million of preferential warrants to promoters. Some brokerages say that the move will help prune corporate debt by around Rs.3,500 crore.


Promoters to infuse Rs 600 cr in GMR Infrastructure
Posted on 3rd July 2014
Promoters of GMR Infrastructure, led by Chairman G M Rao, are planning to increase their stake in the company by infusing Rs 600 crore through warrants.

The GMR Infrastructure board on Wednesday approved a proposal to issue up to 180 million warrants, entitling up to 18 million shares, under preferential allotment to promoters.


Male Airport dispute: GMR wins first leg of arbitration
Posted on 20th June 2014
GMR Infra, the Bangalore-headquartered publicly-held infrastructure developer whose agreement for upgrading and managing the Male international airport was unilaterally terminated by the Maldives government, has won the first leg of an arbitration process in the matter.

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