Tokyo, 02 September, 2014:
During the course of the State visit of the Hon Prime Minister of India Mr. Narendra Modi's to Japan, GMR Infrastructure Limited signed a Memorandum of Understanding (MoU) on 2nd Sept, 2014, with Japan Bank for International Cooperation (JBIC) for providing financial assistance to Japanese companies investing in Infrastructure projects of GMR Group.
The objective of this MOU is to provide low cost long duration financing for infrastructure development projects that involve Japanese companies in development of industrial parks, power, energy, ports, airports, highways and railway projects.
Through a framework of this MOU between JBIC and GMR, JBIC intends to promote opportunities for Japanese companies to participate in infrastructure projects. This will serve to improve infrastructure in India and support development of the necessary foundation for Japanese companies’ business activities in India. Over the next 12 months, GMR and JBIC will work on identifying projects to attract Japanese investments.
Speaking on the occasion Mr. BVN Rao, Business Chairman- Urban Infrastructure & Highways who signed the MoU on behalf of GMR Infrastructure Ltd in Tokyo said,
"It is a landmark event and the first that any bilateral agency has made with a Company in the private sector. It is a manifestation of the belief that an international agency like JBIC has in the delivery capabilities of the GMR Group”
The GMR Group is known for operating projects in the Public-Private Partnership mode in complex environments, adopting world class technology, delivering projects well within time with a focus on operational efficiency. Investing in such projects can be very attractive to Japanese companies seeking to expand their manufacturing activities in the vast captive market of India as well as for those looking to create export oriented manufacturing facilities aimed at the growing markets of Africa.
It is estimated that there is a requirement for investment of about US $1 trillion in the infrastructure sector in India during the current 12th five-year plan period (2012 to 2017) and private sector investment is expected to play an important role in the field.
About GMR Infrastructure Limited:
GMR Infrastructure Ltd. is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 15 power generation assets of which 8 are operational and 7 are under various stages of development. In the Highways sector the Group is operating 7 Road assets across the country. In the Airports sector, the Company operates India’s busiest airport, the Indira Gandhi International Airport in New Delhi, where it has built a brand new integrated terminal T3. It has also developed and commissioned the Greenfield international airport at Hyderabad as a gateway to south and central India. The Group has been recently awarded the Mactan-Cebu International Airport project in the Philippines for rehabilitation, expansion and operation with a concession period of 25 years. GMR Group is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which is present in 24 locations.
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