GMR Energy today announced stake sale in two of its transmission projects to Adani Transmission for equity consideration of Rs 100 crore.

“GMR Energy (GEL), a subsidiary of GMR Infrastructure (GIL), has entered into definitive agreements with Adani Transmission (ATL) wherein GEL has agreed to transfer the interest in its transmission projects – Maru Transmission Services (MTSL) and Aravali Transmission Services (ATSL) – to ATL,” GMR said in a BSE filing.

GMR Infrastructure today denied selling controlling stake in Hyderabad Airport but added that it is exploring opportunities to raise funds.

"We completely deny sale of controlling stake in Hyderabad Airport..We wish to submit that GMR Group has been continuously exploring opportunities to raise necessary funds for the group," GMR Infrastructure said in a clarification to the BSE.

Shares of GMR Infrastructure were up nearly 3% at Rs 11.85 on the Bombay Stock Exchange after the company said that a consortium led by the company has won the 221 KM Eastern Dedicated Freight Corridor project.

The consortium has been issued a Letter of Award for the railway project at a cost of Rs 2280.70 crore on engineering, procurement and construction basis, the company said in a release.

Mumbai: GMR Infrastructure Ltd on Tuesday reported a wider-than-expected loss for the fourth quarter ended 31 March, sending its shares down as much as 5.3%.

Consolidated net loss in the fourth quarter widened to Rs.953.50 crore from Rs.891.90 crore a year earlier, hurt in part by total expenses, which rose 26.5% to Rs.3,350.36 crore. Net sales rose 29% to Rs.3,708.37 crore from Rs.2,872.01 crore in the year earlier quarter.

With a couple of big mall developers unlikely to put in financial bids, GMR Infrastructure’s auction to monetise 2 million sq ft of space at Delhi’s Indira Gandhi International Airport could turn out to be a damp squib, people familiar with the development told FE. Both the mall builders had qualified at the request for qualification stage.

What appears to have given players cold feet is the fairly large investment needed, an estimated amount of nearly Rs 2,000 crore.

GMR Rajahmundry Energy (GREL), a subsidiary of GMR Infrastructure, has said that in the absence of long-term fuel supply agreements and long-term power purchase agreements, a consortium of lenders has adopted the strategic debt restructuring (SDR) scheme.

Accordingly, in a meeting held on Friday, the company issued equity shares proportionately to all the lenders.

Bengaluru-based GMR Group will disinvest 30 per cent in its 10 energy assets to a Malaysian power utility for $300 million (Rs 2,000 crore).

The management committee of GMR Infrastructure Limited (GIL) on Monday approved the primary capital investment by Tenaga Nasional Berhad (Tenaga) in GMR Energy Limited (GEL).

GMR Infrastructure Limited and GMR Highways Limited have signed a share purchase agreement with joint venture partners to divest 51 per cent stake in GMR OSE Hungund Hospet Highways Private Limited (GOHHHPL).

GMR OSE operates the Hungund-Hospet section of National Highway No 13, which is a 99-kilometre (km) project in Karnataka, which was won by the GMR OSE consortium in 2010 on 'design, build, finance, operate, and transfer' basis.

MUMBAI: GMR Infrastructure got a big relief in its ongoing arbitration in Maldives after the tribunal there ruled that the damages to be paid by the government of the country and Maldives Airport Company for dismissing the company from running the Male airport will also include sums owed to Axis Bank Singapore for the project.

In 2012, by the government of Maldives and Maldives Airport Company terminated the concession agreement with GMR Infrastructure's arm GMR Male International Airport (GMIAL) alleging that it was void ab initio and initiated an international arbitration.

Shares of GMR Infrastructure were up over 1%, in an otherwise weak market, after net loss for the December 2015 quarter reduced to Rs 379 crore compared with Rs 638 crore in the same quarter last year because of higher operating margins from power projects.

Consolidated total income increased 29% to Rs 3,564 crore during December 2015 quarter from Rs 2,761 crore in the quarter ended December 2014.

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