GMR Group Announces Successful Conclusion Of Sale Of GMR Energy (Singapore) Pvt Ltd (“Gmre”)
30th March, 2013:
The GMR Group is pleased to announce the successful completion of the sale of its 70% interest in GMR Energy (Singapore) Pte Ltd ("GMRE") to FPM Power Holdings Limited ("FPM Power") The transaction was concluded on 28th March, 2013, upon receipt of all necessary approvals, and realization of the total sales proceeds amounting to SGD 594.6 Mn (INR 2605 Crores)
This divestment of this stake results in a profit of SGD 314 Mn (INR 1376 Crores) and releases capital amounting to SGD 357 Mn (INR 1564 Crores)
FPM Power is a 60:40 Joint Venture established between First Pacific Company Limited ("First Pacific") and MERALCO Power Gen Corporation ("MPG"), a wholly-owned subsidiary of Manila Electric Company ("MERALCO").
Commenting on the successful completion of the transaction, Mr. G. M Rao, Group Chairman GMR Group said that "The receipt of the sales proceeds before the year end is significant and a testimony to the Group's Strategy for making profitable deals, by adopting the Asset Light Asset Right approach. The deal has been concluded in a record time of 4 weeks, since its announcement. It is also heartening to note the Group’s ability to attract investors and churn capital for the benefit of all its stake holders"
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 16 power generation assets of which 6 are operational and 10 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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