Bangalore: GMR Infrastructure, which is deep in a debt of Rs 37,000 crore under a gearing of 3.5 times, is looking to slash this number by Rs 10,000 crore during next fiscal through its asset light - asset right - asset churn strategy. The company, which manages three airports, five power generating stations and five highways, has said that they are in advanced stages of discussions with various players to offload at least three highway projects as part of this move to start with.
A Subba Rao, Group CFO, GMR Infrastructure told Business Standard that they are targeting to raise Rs 5,000 crore through the sale of highway projects and the rest through sale of other assets, which he did not spell out. However, it is learnt that besides the highway projects, GMR may be targeting to either exit or reduce its stake in the three coal mines it has in South Africa and Indonesia besides reducing its stake in one of its power projects in Singapore.
13/02/13 Raghuvir Badrinath/Business Standard
