Bangalore: GMR Infrastructure has written off Rs 453 crore on two of its global assets in coal mines and airports.
The company, which reported a healthy jump in yearly profits thanks to the sale of its 70 per cent stake in a power project in Singapore, said it wrote off Rs 251 crore when it made impairment (reduction in company's stated capital) of assets in its South Africa-based coal mine subsidiary Homeland Energy Group, and another Rs 202 crore after it was forced out of the Male airport project.
The Bangalore-based publicly-held company has been pursuing arbitration in a Singapore court over its exit from the $500-million Male airport project, seeking $800 million damages. While the Maldivian government has submitted the reasons that led to the exit of the consortium led by GMR, the compensation claim of $800 million is expected to be considerably watered down.
10/06/13 Raghuvir Badrinath/Business Standard
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The company, which reported a healthy jump in yearly profits thanks to the sale of its 70 per cent stake in a power project in Singapore, said it wrote off Rs 251 crore when it made impairment (reduction in company's stated capital) of assets in its South Africa-based coal mine subsidiary Homeland Energy Group, and another Rs 202 crore after it was forced out of the Male airport project.
The Bangalore-based publicly-held company has been pursuing arbitration in a Singapore court over its exit from the $500-million Male airport project, seeking $800 million damages. While the Maldivian government has submitted the reasons that led to the exit of the consortium led by GMR, the compensation claim of $800 million is expected to be considerably watered down.
10/06/13 Raghuvir Badrinath/Business Standard
