The GMR group, which operates the Hyderabad International Airport, intends to build an exhibition-cum-convention centre at a cost of Rs 750 crore. The centre will be a part of the proposed airport city, which is expected to create 15,000 to 20,000 jobs.

According to an official press release, group chairman, GM Rao, made this proposal when he called on Telangana chief minister, K Chandrashekar Rao, on Friday.

Former State Bank of India (SBI) chairman OP Bhatt on Friday said while the investor sentiment would be impacted by the recent Supreme Court ruling on coal blocks, the move was aimed at cleansing the system.

“What was not fully right has now been cleansed to see such mistakes will not be there in the future,” he said.

The GMR Group is in discussion with European airplane maker Airbus for a possible stake sale in its aircraft maintenance, repair and overhaul (MRO) unit in Hyderabad. A deal will help GMR raise cash as a part of its ‘asset light’ strategy and enable Airbus to fulfill its commitment of developing an MRO in India.

“Our MRO strategy is well documented and we have nothing to add,” an Airbus spokesperson said in an email response to this newspaper. GMR did not respond to an email query.

At a time when the publicly held GMR Infrastructure is looking at conserving cash and exploring various options to get its highly volatile leverage issue under control, the Nepal government has awarded it a Rs 8,500 crore 900 Mw hydropower project. GMR Infrastructure had initiated this proposal in 2008 and due to internal issues of various Nepal governments, the nod to this project has come after a long wait.

GMR Infrastructure during that time was on an expansive global expansion plan but has over the past 18 months tightened its belt to shed various assets, raise equity, free cash flows and is looking at managing its cash resources more efficiently.

Close on the heels of securing a R1,000-crore long-term loan from global private equity major KKR, GMR Infrastructure said that it is looking at international markets for funds at lower interest rates.

Managing director Kiran Kumar Grandhi said on Thursday at the company's annual general meeting that the firm will focus on recalibrating its assets to gain confidence of international investors.

Bangalore-based publicly-held infrastructure developer GMR Infrastructure plans to raise Rs 1,500 crore in equity through a rights issue, which, along with the recently-concluded qualified institutional placement issue of Rs 1,500 crore, is expected to ease leverage.

MUMBAI/HONG KONG: US private equity firm KKR & Co LP has agreed to provide about $175 million in financing to India's GMR Infrastructure Ltd in a debt and equity deal, a source with direct knowledge of the matter told Reuters.

GMR will announce the transaction as early as Tuesday, said the source, who declined to be identified as the information was not yet public.

Bangalore: Losses at infrastructure company GMR Infrastructure Ltd widened to Rs.593 crore in the first quarter of fiscal 2015, 82% more than the Rs.326 crore loss it posted the previous year.

The company had finished the last fiscal year on a high, posting profit of Rs.1,170 crore mainly due to asset sales as the company took measures to address its burgeoning debt.

The Board of Approvals, under the Union Ministry of Commerce, has given its conditional nod to a GMR Group proposal to buy out the 50 per cent stake owned by its partner Malaysian Aerospace Engineering in an aircraft maintenance repair and overhaul (MRO) unit.

The MRO unit is located at an Special Economic Zone (SEZ) near the Hyderabad International Airport. “After deliberations, the board has decided to approve the proposal subject to each entity independently fulfilling the following conditions,” the Board of Approvals said as per the minutes of its recent meeting.

Mumbai: With investors starting to look at Indian assets more favourably, the debt-laden GMR Group is moving quickly to strengthen its balance sheet.

The Bangalore-based infrastructure conglomerate, which has accumulated debt of Rs.33,599 crore, plans to raise funds by selling shares in at least two group companies, even as it continues to consider selling some of its assets.

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