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).
GMR Infrastructure on Friday said its subsidiary GMR Airports and its Greek partner Terna Group have signed a concession agreement for construction of the new international airport in Greece's island Crete.
The consortium intends to invest over EUR 500 million (approx Rs 4,034.28 crore) for development of the new airport, GMR Infrastructure said in a regulatory filing.
The GMR Group on Thursday announced the introduction of ‘GMR Aero Square’ in the Hospitality District of Delhi International Airport Limited. In a unique concept for Indian airport, GMR Aero Square offers easy access to the commercial hubs of Aerocity from public places. It has been developed amid lawns and landscape leading to Terminal 3 of the IGIA.
Malaysia Airports Holding Bernhard (MAHB) said that it has terminated the share purchasing agreement (SPA) with the GMR Group for selling its 11% stake to the latter in Hyderabad airport as the company did not fulfil the obligations as per the agreement before December 31.
GMR Infrastructure in February, 2018 said its subsidiary GMR Airports entered into an agreement with Malaysia Airports Holding Berhad and its subsidiary to acquire 11% of the stake that the Malaysian company is holding in GMR Hyderabad International Airport, for $76 million.
Malaysia Airports Holding Berhad has said it terminated the Share Purchasing Agreement (SPA) with the GMR Group for selling its 11 per cent stake to the latter as the Indian infra major did not fulfil the obligations as per the agreement before December 31.
Kakinada Gateway Port Limited, a subsidiary of GMR-owned Kakinada SEZ Limited (KSEZ), has signed a concession agreement with Andhra Pradesh government for development of a green-field commercial port on design, built, finance, operate and transfer basis in Kona village of East Godavari District.
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