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GMR to develop Greece airport
Posted on 8th June 2017
GMR group has won the bid to develop and operate a greenfield airport in Greece giving a boost to its aviation business.

GMR has partnered Greek company GEK Terna to develop the airport at Heraklion on island of Crete. This will be the group's second overseas project (GMR runs Mactan Cebu project in Philippines. Earlier it ran airports in Turkey and Maldives) and the award win comes close on heels of a revival in its airport business.


GMR Infrastructure to develop new international airport in Crete island, Greece
Posted on 7th June 2017
EW DELHI: GMR Infrastructure today said its subsidiary GMR Airports has been selected to develop, operate and manage the new international airport in Heraklion, Crete island of Greece, in partnership with Greek infrastructure major TERNA SA.

"GMR Airports will be the designated airport operator in the consortium for this project. Greece is a major international tourist destination, with 24 million tourists per annum," GMR Infrastructure said in a BSE filing.


GMR Infra's standalone net loss widens to Rs 2,479 crore
Posted on 13th June 2017
GMR Infrastructure's standalone net loss widened to Rs 2,478.7 crore for the quarter ended March 2017, mainly due to change in accounting norms.

"This loss what you are seeing is more of accounting entry or accounting adjustment," GMR Group CFO Madhu Terdal told.


GMR Infrastructure surges on significant reduction in FY17 debt
Posted on 2nd June 2017
GMR Infrastructure gained over 17.4% to Rs 17.65 in intraday after it announced a significant reduction in debt and turned profitable in the March quarter.

According to the filing on BSE, gross debt for the company came down to Rs 19,856 crore in FY17 from Rs 37,480 crore last year whereas and net debt to EBITDA ratio for the year improved to 4.3 from 10.2 in FY16


GMR wants to demerge airport arm; seeks lenders' nod
Posted on 20th February 2017
GMR Infrastructure which operates the New Delhi international airport and the Hyderabad international airport has sought the approval of its lenders to demerge its airports arm and list it separately, according to a tweet by CNBC TV18.

GMR Infrastructure which operates the New Delhi international airport and the Hyderabad international airport has sought the approval of its lenders to demerge its airports arm and list it separately, according to a tweet by CNBC TV18.


GVK, GMR submit bids for Navi Mumbai airport
Posted on 13th February 2017
GVK-led Mumbai International Airport Limited and GMR Group, which run the country's busiest airports, today submitted financial bids for the Rs 16,000 crore Navi Mumbai international airport. Today was the last day for the bid submission after two extensions granted the City and Industrial and Development Corporation (CIDCO).

Bids were received on Monday afternoon, CIDCO officials said. MIAL has the right of first refusal and will be allowed to match the bid if it is 10% lower than competition.


GMR, Tatas to stay out of the Rs 16,000 crore Navi Mumbai airport bid
Posted on 4th January 2016
The GMR Group and Tata Realty will not bid for the Navi Mumbai airport project, citing “onerous” bid conditions, among other reasons. “We are not bidding on account of project implementation and execution challenges as well as onerous timelines and bid conditions,” a GMR Group spokesperson said.

This means there will be only two companies — GVK-led Mumbai International Airport (MIAL) and Hiranandani Developers-Zurich Airport consortium — in the race for the Rs 16,000-crore project.


GMR Infrastructure to revise Indira Gandhi International Airport mall space auction; may build hotel
Posted on 25th November 2016
GMR Infrastructure is likely to revise its plans to auction the 2 million sq ft of mall space it has at New Delhi’s Indira Gandhi International Airport as potential bidders have expressed reservations to certain clauses relating to tenure of the lease hold, people familiar with the developments told FE. Sources said that GMR Infra is now likely to develop an office complex or a hotel on the plot.

GMR Mall International Airport wins arbitration against Maldives govt, awarded $270 mn
Posted on 28th October 2016
GMR Male International Airport Limited (GMIAL), a subsidiary of GMR Infrastructure Limited, said in a statement on Thursday that it has been awarded compensation of nearly $270 million by a three-member international arbitral tribunal.

The compensation covers the debt, equity invested in the project along with a return of 17% and also termination payments and legal costs. The compensation is net of taxes that GMIAL may be required to pay in the Maldives, it said.


GMR Group in talks for stake sale in Chhattisgarh power plant
Posted on 19th October 2016
Mumbai/New Delhi: Infrastructure conglomerate GMR Group has initiated discussions with SembCorp Industries Ltd of Singapore and US-based Lone Star Funds for selling a significant stake in GMR Chhattisgarh Energy Ltd (GCEL), a 100% subsidiary of GMR Energy Ltd (GEL), three people familiar with the matter said. The move is part of the group’s efforts to bring down its debt that stood at Rs43,400 crore at the end of September.

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