GMR may refinance $1.1 bn loan in 2011

GMR may refinance $1.1 bn loan in 2011
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First Published: Wed, Apr 01 2009. 10 50 PM IST
Updated: Wed, Apr 01 2009. 10 50 PM IST
Singapore: GMR Infrastructure Ltd, the company that acquired 50% of Dutch power utility InterGen NV for $1.1 billion (Rs5,610 crore), may refinance the loan taken for the purchase in early 2011, an official said.
GMR doesn’t have other loans due for refinancing this year and next, and the InterGen investment would be the first, Ranjit Murugason, chief executive officer of the company’s international division, said in Singapore on Wednesday.
GMR Infrastructure has hired a former Temasek official to head a new office in Singapore that will focus on power projects in South-East Asia.
Ng Quek Peng, the Singapore state investor’s former managing director for portfolio management, will oversee the firm’s existing operations in South-East Asia and Australia as well as seek new investment opportunities in the region.
“In the immediate future, we will concentrate more on power generation because that is what is lacking, particularly in Vietnam and Indonesia,” Ng told reporters in Singapore.
GMR, which also operates airports in New Delhi and Hyderabad, saw a 12% decline in air traffic in New Delhi last year and may see flat growth this year at both airports, Murugason said.
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First Published: Wed, Apr 01 2009. 10 50 PM IST