Companies bidding for telecom spectrum and coal blocks might be in for a shock, as the Budget has proposed an enabling provision to allow service tax at 14 per cent on “all services” provided by the government to business entities.

“As of today, this will practically mean any service, including allocation of spectrum or mines, will attract service tax on the fee or royalty to be paid by companies,” says Sachin Menon, chief operating officer (tax), KPMG.

GMR Infrastructure today said that it has entered into a definitive agreement to sell its 26% stake in Delhi Cargo Service Centre.

Delhi Cargo Service Centre, a joint venture between Cargo Service Center India Private Limited and Delhi International Airport (Private) Limited (DIAL), operates cargo operations at DIAL.

GMR Group and Essel Group have shown interest to participate in bids for all the four government-run airports, sources said.

The Airport Authority of India has initiated a pre-bid process to shortlist bidders to develop the airports at Ahmedabad, Chennai, Jaipur, and Kolkata. The companies will have to give details by March 24.

GMR Infrastructure Ltd on Tuesday said multilateral finance institution Asian Development Bank (ADB) will lend $75 million for its $750 million Philippines airport project.

GMR-Megawide Cebu Airport Corp. (GMCAC), a joint venture between GMR (40% shareholding) and Megawide Construction Corp. (60%), has amended its financing documents of its Mactan Cebu International Airport located in Cebu, Philippines to include the ADB loan, GMR Infrastructure told the Bombay Stock Exchange.

New Delhi: After choosing not to take the lifeline in 2013, GMR Infrastructure Ltd has now written the roads ministry asking for its payments in a key roads project to be rescheduled if it is to restart work on it, two of the ministry’s officials said on condition of anonymity.

The move comes 10 months after the government approved a policy to allow road developers strapped for finances to reschedule their financial commitments including the up-front so-called premium they pay the National Highways Authority of India (NHAI) for the rights to build highways and collect toll.

Delhi International Airport Private Ltd (DIAL), a unit of infrastructure conglomerate GMR, plans to retire its existing foreign currency term loans with funds raised through bonds.

Ratings agency Moody's has assigned Ba1 rating to these bonds.

GMR-Megawide Cebu Airport Corporation (GMCAC), a joint venture between GMR Infrastructure (40 per cent shareholding) and Megawide Construction Corporation (60 per cent shareholding), has signed financing documents for its Mactan Cebu International Airport (MCIA) in the Philippines.

The loan will fund 70 per cent of the total project cost of Philippine pesos 33 billion (approximately $750 million). The loan is being financed by a consortium of six banks.

Infrastructure major GMR has decided to shift its group headquarters from Bengaluru to Delhi. The plan will entail relocation of the group’s corporate offices for its energy, airports and highways & urban infrastructure businesses to the national capital.

The move will help the group synergise its operations, currently in Nagpur, Raipur, Bhubaneswar (power business), Hyderabad and Delhi (airports). The group at present does not have any operating project that its could oversee in Bengaluru.

GMR Male International Airport Private Limited (GMIAL), a subsidiary of GMR Infrastructure Limited (GMR), has claimed $803 million (around Rs 4,987 crore) from the Maldivian government for 'wrongfully' terminating the international airport contract in that country's capital.

According to filing with bourses, the Indian infra major said, in addition to that, a plea for award of further damages for loss of reputation caused to GMR as a consequence of wrongful repudiation of the Concession Agreement has also been made to the Arbitral Tribunal in Singapore.

Bangalore-based GMR Infrastructure plans to raise up to Rs 5,400 crore through sale of assets and issue of fresh equity in the next three months to a year, in a bid to bring down its debt burden and to finance projects.

At the end of the last financial year, the company's debt stood at Rs 45,000 crore - six times its equity. The funds raised will be utilised to check this debt, and also to infuse Rs 900 crore equity in the upcoming 1,370 Mw thermal power plant in Chhattisgarh.

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