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Jaypee Group to sell cement arm by March for Rs 19,500 cr
Posted on 8th December 2015
Two private equity firms and a strategic partner are in the race to buy the Jaypee Group's cement business at an enterprise valuation of close to Rs 19,500 crore.

The sale is expected to be concluded by next March, according to a source. ICICI Securities, which is managing the sale, has asked the three bidders to give their offers. The proceeds will be used by Jaiprakash Associates to retire a part of its Rs 61,285 crore debt held in 2014-15, down from Rs 72,599 crore in 2013-14 (see chart).

GMR raises Rs 2,000 cr from Kuwait Investment
Posted on 5th December 2015
In the first such bond issue under the new Reserve Bank of India (RBI) guidelines notified on Monday, GMR Infrastructure will get Rs 2,000 crore ($300 million) from Kuwait Investment Authority (KIA). It is the largest bilateral investment between India and the West Asian country in recent times.

The two sides signed a definitive agreement on Tuesday under which the Kuwaiti authority would subscribe to a 60-year-long Foreign Currency Convertible Bond (FCCB) due 2075 to be issued by GMR Infrastructure, the flagship company of the GMR Group.

GMR Energy arm starts 768MW power plant operation in Andhra Pradesh
Posted on 20th November 2015
NEW DELHI: GMR Energy Ltd today said its subsidiary GMR Rajahmundry Energy Ltd (GREL) has commenced commercial operation of gas-based 768MW power plant in Rajahmundry, Andhra Pradesh.

Power generated from this plant would be supplied to Andhra Pradesh power distribution companies.

GMR Kamalanga announces power tariff revision
Posted on 19th November 2015
GMR group announced the revision of power tariff for GMR Kamalanga Energy, an SPV of GMR Energy, following an order passed by the Central Electricity Regulatory Commission (CERC) on November 16. GMR Kamalanga had submitted an application to CERC for determination of the tariff under the power purchase agreement (PPA).

Pending order of the CERC, GMR Kamalanga was being reimbursed at Rs 2.75 per unit of total tariff. Consequent to the CERC order, GMR Kamalanga will be entitled for a price of FY14, which shall be approximately Rs 3.97 per unit and Rs 3.4 per unit thereafter.

Energy segment gets fuel to power GMR Infra’s performance
Posted on 17th November 2015
GMR Infrastructure Ltd’s operating performance improved in the quarter ended September as its ailing energy business was boosted by fuel supplies.

A dramatic increase in the plant load factor pushed up the operating margin of the segment from 4% a year ago to 21%.

GMR Infra soars on 42% drop in net loss
Posted on 16th November 2015
Shares of GMR Infrastructure have surged nearly 9% to Rs 13 on the BSE after the company posted a sharp decline of 42% in the consolidated net loss for the September quarter quoting at Rs 399 crore on the back of better operating margins from power plants and robust traffic growth in airports.

The company had reported a net loss of Rs 610 crore in the same period last year, according to the filing in the BSE.

GMR Infrastructure drops after CARE cuts ratings to default
Posted on 24th September 2015
Shares of GMR Infrastructure have dropped 2.3% to Rs 13.18 on the Bombay Stock Exchange (BSE) after credit ratings agency CARE has downgraded ratings for long-term loans to GMR Hyderabad-Vijayawada Expressways to default grade "D" due to delays in servicing debt and cash losses.

The company has been revised from ‘BBB’ to ‘D’ after considering the delays in servicing debt obligations.

GMR Infra gains after GMR Energy's power plants wins gas allocation
Posted on 18th September 2015
GMR Infrastructure has gained 4.5% to Rs 12.80 on the NSE after GMR Energy's two power plants in Andhra Pradesh were awarded allocation of gas through a fresh round of e-bidding conducted by the Government of India.

GMR Energy announced that two of its gas based plants - GMR Vemagiri Power Generation (GVPGL) and GMR Rajahmundry Energy (GREL) - in Andhra Pradesh have been awarded allocation of gas through a fresh round of e-bidding conducted by the Government of India, on 15 September 2015.

Gammon Infrastructure: Debt down, looking at next leg to drive growth
Posted on 31st August 2015
Gammon Infrastructure's move to sell its stake in nine projects (six road and three power projects) will fetch it Rs 563 crore besides lowering its debt. It will also help it streamline the stretched balance sheet.

The slowdown in the infrastructure sector has taken its toll on players in the space. Many BOT developers (like Sadbhav, ITNL) and asset owners (like GMR, GVK, Gammon Infra) were not generating enough cash from their operational projects to fund the equity requirement for their new projects or were having highly stretched balance sheets. Thus, the street and analysts expected many of these companies to put their road BOT projects up for sale.

GMR Infra to sell Novotel hotel via Swiss Challenge method
Posted on 28th August 2015
Mumbai: GMR Infrastructure Ltd is planning to sell GMR Hotels and Resorts Ltd, which owns and manages Novotel Hyderabad Airport Hotel.

The bidding process for selling the hotel is at a very early stage of calling for so-called expression of interests (EoIs) and the company will take a suitable decision based on any interest received over and above the floor price, GMR Infrastructure said in a filing to BSE on Friday.

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