GMR eyes London listing for holding company

Mumbai: Infrastructure giant GMR group is considering listing its global holding company on the London Stock Exchange (LSE) as a step towards building a $10 billion global assets portfolio.
To this end, the group is consolidating its global assets under GMR Infrastructure International (registered in the Isle of Man) for a public issue in London, according to an executive who did not wish to be identified, in a move that largely replicates what metals behemoth Vedanta did six years ago.
The group’s overseas assets include a 50 per cent stake in Netherlands-based power generator InterGen, 40 per cent in Istanbul airport, an 800 Mw power plant under construction in Singapore, 38.5 per cent in South Africa-based coal miner Homeland Energy and a coal mine in Indonesia.
Other company sources added that the value of the overseas assets will surge to about $8 billion by 2014. A recent group presentation set an asset target of $10 billion in five years and the group aims to become a global top 10 brand in key sectors.
GMR had acquired its 50 per cent stake in InterGen for $1.1 billion last year through the global holding company. The Singapore and South Africa assets will be transferred to the Isle of Man-based firm in the near future before listing on LSE, said the executive.
In 2003, billionaire Anil Agarwal-led Vedanta
GMR has three listed entities in India, such as GMR Ferro Alloys & Industries, GMR Industries and the flagship GMR Infrastructure. The group is the developer and operator of two international airports in India — Hyderabad and Delhi. It is also developing six highway projects covering 424 km.
11/08/09 Nevin John/Business Standard

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Categories: Airports Aug 2009