New Delhi: Infrastructure major GMR Group, which has undergone organizational restructuring, is likely to invest Rs35,000 crore in the next five years for expanding in various sectors such as airports and power at home and abroad.
“Our advisors have been working with us to chart out future plans for us in areas such as power, airports and special economic zones. We have already formulated a strategy, which will see us expanding both in India and overseas,” GMR Group chairman G M Rao told PTI.
Asked if the group had planned an investment of about Rs35,000 crore in various areas, Rao declined to dabble into numbers. He, however, said the group was actively pursuing all possible opportunities in India and abroad.
The group, which is currently working on major projects in power, airport and SEZs in India, is now looking to take up similar endeavours abroad, he said.
“For instance, in Turkey we are already present in the airport project, and if the power sector is opened up there we will partake in it,” Rao said.
However, according to industry estimates based on the group’s ongoing projects the total investments across different sectors could easily be Rs35,000 crore by 2012.
The group’s estimated investment in two airport projects in Delhi and Hyderabad are around Rs14,000 crore. Its investment in SEZ projects could be close to Rs10,000 crore and the power sector, where GMR has at least three plants coming up, can see a fund infusion of over Rs8,000 crore.
GMR has recently signed an MoU with Tamil Nadu for a 3,300-acre multi-product SEZ project at Krishnagiri at an investment of Rs2,300 crore. The total development cost, including industrial and social infrastructure would be about Rs11,000 crore.