GMR in talks with 3i, Macquarie-SBI Infra to raise $450 mn

Infrastructure conglomerate GMR Group is in talks with private equity funds 3i Investments and Macquarie-SBI Infrastructure to raise $450 million in GMR Airport Holdings, a person familiar with the company’s plans told ET NOW.
GMR wants to sell a minority stake in the airport subsidiary to raise cash for investments in infrastructure and power. The airports business, which includes the Hyderabad and Delhi airports, account for 45% of the group’s revenues.
A spokesperson for GMR said in an emailed statement to ET NOW that as a corporation they pursue various options for raising funds and cannot comment on this specific query. Fiona McDonald, a spokesperson for Macquarie Group in Singapore, termed the queries from ET NOW as market speculation. Emailed queries to Jennifer Letki, a spokesperson for 3i Investments in London, elicited a similar response.
GMR’s group chief financial officer A Subbarao said in a media statement two days ago that the company plans to invest $650 million in its various businesses over the next two years. He also said the company was talking to various private equity investors for buying stake sales in its infrastructure and power businesses.
28/11/09 Mohit Bhalla/Economic Times

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Categories: Airports Nov 2009