Entrepreneur of the year: GMR

Grandhi Mallikarjun Rao, who started his entrepreneurial career with a rather nondescript jute yarn business, followed by a foray into banking, is today operating in one of India’s most glamorous sectors. With two hub airports in New Delhi and Hyderabad and an overseas airport in Istanbul being operated by GMR Infrastructure, the serial entrepreneur is here to stay.
The GMR Group now has assets of over Rs 3,600 crore, with investment plans of Rs 14,000 crore. GMR Infrastructure has 23 subsidiaries operating in power, roads and aviation, and the group is keen on expanding, scouting for small airports in Europe. None of this happened overnight. Rao started with a jute yarn business in Rajam district of Andhra Pradesh in the late 1970s. In the 1980s, he played a key role in the transformation of Vysya Bank into ING Vysya Bank. He was roped into Vysya Bank largely on account of his huge clout with the Vysya (trader) community in Andhra’s coastal belt. But in the face of increasing competition and huge capital requirements, he decided to sell his 23.99% to the ING Group for about Rs 340 crore.
04/05/07 Economic Times

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Categories: Airports Oct 2007