GMR Successfully Completes The Divestment Of GMR Ulundurpet Expressways Private Limited (‘GUEPL’)
Bangalore, 18th Feb, 2014:
The GMR Group announces the successful completion of the divestment of its majority stake (74%) in GMR Ulundurpet Expressways Private Limited (‘GUEPL’) to India Infrastructure Fund (IIF). IIF has earlier emerged as the successful bidder, in buying majority stake in GUEPL, which attracted strong interest from several major investors in India and abroad. GMR and IIF had signed a definitive agreement on September 17, 2013 and the transaction was concluded on February 17, 2014, upon receipt of all necessary approvals, and realization of sales proceeds amounting to Rs. 220 Crore. The divestment of this stake releases capital amounting to Rs. 198.75 Crore and reduces the debt to the extent of Rs. 450.67 Crore from the consolidated balance sheet of GMR Group.
This is the second major divestment in GMR’s Highways portfolio during this year.
GUEPL operates the Highway stretch of about 73 km, from Tindivanam to Ulundurpet on National Highway No 45 from July 2009, which is to the south of Chennai in Tamil Nadu.
Mr. Madhu Terdal, Group CFO of GMR Group said “The completion of this transaction demonstrates the ability of the GMR Group to successfully implement its “Asset-Light-Asset-Right” strategy, to optimize the value realization from mature Infra Assets. The focus of the Group continues to be creating liquidity and reducing our leveraged position, for the benefit of all stake holders”
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 and 8 Road assets, of which 7 are operational and one is under construction. 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. It has been part of a consortium that has upgraded and is operating the Istanbul Sabiha Gökçen International Airport. 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.
For further information about GMR Group, visit www.gmrgroup.in
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