GMR Group’s Strategy On Track
Bangalore 27th March, 2013:
Homeland Mining and Energy SA Proprietary Limited (HMESA), a wholly owned subsidiary of Homeland Energy Group Ltd, a company listed in Canada (“HEG) in which GMR Energy Limited has a majority shareholding has entered into an agreement to divest its 50% equity interest in Tshedza Mining Resource (Pty) Ltd, which holds the license for the development of Eloff mines. The purchaser of the Homeland’s interest in the Eloff mines is the Company’s current BEE partner, who already holds a 50% interest in the property. The consummation of transaction is subject to receipt of statutory approvals in South Africa
HMESA has also entered into an agreement for the sale of its entire shareholding of Ferret Coal (Kendal) (Pty) Ltd. The transaction will be subject to receipt of statutory approvals and HEG Shareholders approval.
The Kendal mine is an operating mine and sells coal in domestic market while the Eloff mine is under development stage.
About GMR Infrastructure Limited:
The Company 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 17 power generation assets of which 6 are operational and 11 are under various stages of implementation and 9 Road assets, of which 8 are operational and 1 is under construction. In the Airports sector, it has developed and commissioned the Greenfield International Airport at Hyderabad. The Company, besides operating the existing Delhi International Airport, has also built a brand new integrated terminal T3 which was commissioned in time for the Commonwealth Games in October 2010. It has also 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 21 locations.
For further information about GMR Group, visit: www.gmrgroup.in
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