GMR Infra, Adani, and Reliance Infra are among the 19 companies that have bid for developing the Rs 16,000-crore Noida international airport in Jewar, Uttar Pradesh.
The state government aims to complete technical and financial bidding by February-March 2020, said Shrikant Sharma, minister and state government spokesperson, in Lucknow on Tuesday after a cabinet meeting.
GMR Infrastructure’s (GMR’s) Q1FY20 adjusted loss of Rs 3.4 bn came in line with our estimate. Delhi Airport’s (DIAL) traffic continued to moderate due to the Jet Airways issue; Hyderabad Airport’s (HIAL) traffic grew 8% y-o-y. In the power segment, PLF improved y-o-y in Warora, but fell in Kamalanga due to major maintenance undertaken during the quarter.
Adani Power on Thursday announced that it had acquired GMR Chhattisgarh Energy’s 1,370-MW plant for an enterprise value of `4,792 crore after the consortium of lenders, led by Axis Bank, approved the stake sale. This will be the third project to be resolved outside the insolvency route after Prayagraj Project of Jaiprakash Associates and SKS Power’s Binjkote project.
GMR Infrastructure suffered Rs 2341.25 crore loss on consolidated basis during the quarter ended March 31, owing to impairment losses of some of the power assets, the infra major said in a filing with bourses Thursday. The company reported Rs 4.81 crore profit after tax during the same quarter in FY18. Consolidated total income stood at Rs 2293.63 crore during the quarter under discussion against Rs 2234.88 crore in the same quarter in FY18, it said.
GMR Group is setting up a business park in Hyderabad to be developed by GMR Hyderabad Aerotropolis, a subsidiary of GMR Hyderabad International Airport. The area covered by the business park is one million square foot where six business complexes would be developed. The project will be financed through debt and internal accruals of Rs 350 crore. It will be developed in two phases. The first phase comprises four towers, of which one is ready for occupancy.
GMR Group’s debt-laden 768 MW gas-based Rajahmundry power plant in Andhra Pradesh has achieved a resolution plan with the IDBI Bank-led consortium of lenders for payment of `2,353 crore debt.
Lenders holding majority 55% stake in Rajahmundry Energy, a subsidiary of GMR Infrastructure, have agreed to a payment plan where `1,130 crore will be paid at 9% rate of interest over the next 20 years, while `941 crore has been converted into cumulative reedemable preference shares at 0.1% repayable from 17th to 20th year.
GMR Infrastructure Limited (GIL) announced execution of resolution plan for its stressed GMR Rajahmundry Energy Limited (GREL) – 768 MW gas-fired power plant in Andhra Pradesh. The company informed the exchanges on Friday morning that it has paid a portion of the sustainable debt of the project.
A consortium including India’s Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest Rs 80 billion ($1.2 billion) to buy a stake in GMR Airports Ltd.
The deal will pump Rs 10 billion into GMR Airports, a unit of GMR Infrastructure Ltd. and purchase Rs 70 billion of the airport unit’s equity shares from the parent, according to a statement. GMR operates Delhi International Airport Ltd., the country’s biggest airport.
The Adani group, which straddles the businesses of power, ports, real estate, agriculture and defence, among others, is moving into airports.
A few days ago, the group made an aggressive entry by bidding for all the six airports put up for privatisation by the Airports Authority of India, locking horns with big boys in the airport infrastructure business (the GMR group has thrown its hat into the ring for all the airports).
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