GMR to raise Rs7,500 crore in 3 years

Mumbai: The GMR group plans to raise Rs 7,500 crore over the next three fiscals, its chief financial officer A Subba Rao said.The group, which has operations in energy, highways, airports and urban infrastructure, had earlier been reported to be looking at listing its global holding company, GMR Infrastructure International, in London and GMR Energy in India.
"We plan to raise Rs 1,500 crore each through GMR Energy and GMR Infrastructure International," Rao said. The group has a debt of Rs 12,945 crore, excluding the debt of The Netherlands-based InterGen in which GMR Infrastructure holds a 50% stake. The group has cash reserves of Rs 2,500 crore.
Rao said the company plans to tie up over Rs 10,725 crore for its three power projects by January. These include a 1200 mw plant in Raipur and a 600 mw project in Chandrapur, Maharashtra at cost of Rs 5,400 crore and Rs 3,101 crore, respectively.
The Chandrapur project came into the GMR fold when the firmacquired Emco Energy in July. Financial closure for the project is to be achieved in two phases, one in December and the other in January.The Raipur plant, with Rs 4,050 crore as debt and Rs 1,350 crore as equity, saw an investment of Rs 69 crore till June.
09/09/09 G Seetharaman/Daily News & Analysis

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Categories: Airports Sep 2009