Sunday, August 28, 2016

GMR's massive debts fail to rankle Goa government

Panaji: The debt-riddled balance sheet of the GMR Group has failed to rankle the Goa government which is convinced that the group's subsidiary, GMR Infrastructure will deliver the Rs 3300 crore Mopa airport. The GMR Group, with interests in airports, energy and infrastructure, reportedly has a consolidated debt of Rs 39,154 crore and was featured in the Credit Suisse Group's House of Debtreport 2015 as one of the top 10 indebted corporate entities in the country.
Following years of rapid expansion on the back of heavy borrowing, the group has spent the last few years trimming down its debt through divestment, debt restructuring and overseas funding. A company official said that since the bidding process had just been completed, it was too early to divulge details about joint partnerships but added that financing the project would not be an issue.
"We have gone into the financials of the company and examined this. Any infrastructure company that comes in to build such a massive project, they have to do it through debt. GMR has not defaulted even once, not to banks and not to the operator," director of Goa civil aviation Suresh Shanbhogue said.
28/08/16 Newton Sequeira/Times of India

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