1313

GMR Infra eyes new projects, investments

Firm to grow engineering, procurement and construction business to take on projects being developed by other firms

A file photo of GMR Group project. GMR Infra is looking selectively at possible new investments a year after it declared an investment holiday and following stake sales in a road project in India, a power plant in Singapore and a coal mine in South Africa. Photo: Mint

Bangalore: A year after declaring an investment holiday and following stake sales in a road project in India, a power plant in Singapore and a coal mine in South Africa, Bangalore-based GMR Infrastructure Ltd plans to start looking selectively at possible new investments, a senior company executive said.

The firm will expand its EPC, or engineering, procurement and construction, business to take on projects that other firms are developing, said Parmit Chadha, chief executive officer for strategy and corporate development. At present, the division only takes up work on projects being developed by GMR.

Last year, as economic growth floundered and infrastructure projects ran into a funding crunch amid delays in securing government approvals and acquiring land, GMR put new investments on hold and sold some of its assets. GMR said last month it will sell its 70% interest in GMR Energy (Singapore) Pte. Ltd to FPM Power Holdings Ltd for $600 million, and sell its coal mining assets in South Africa. GMR had a debt of Rs.30,588 crore in the half year to September.

ROHIT
PGDM 2nd Sem