GMR Highways to divest 74% stake in GMR Jadcherla Expressways
Firm will receive about Rs195 crore immediately and about Rs11 crore on completion of certain conditions
Bangalore: GMR Highways Ltd, a unit of the Bangalore-based GMR Group, said on Wednesday that it has signed an agreement with Macquarie SBI Infrastructure Investments Pvt. Ltd to divest a 74% stake in GMR Jadcherla Expressways Ltd.
The company said in a statement that it will receive about Rs195 crore immediately and about Rs11 crore on completion of certain conditions, totalling Rs206 crore for the stake.
GMR Jadcherla operates the Farukhnagar-Jadcherla highway in Andhra Pradesh. The project, part of national highway 7, started commercial operations in February 2009. The company said it originally invested Rs146 crore for the stake.
The stake sale comes even as the company needs about Rs2,200 crore in equity to finance projects it has already won, GMR group chief financial officer Subbarao Amarthaluru said in an interview earlier this week.
In recent times, GMR has been plagued by a succession of crises, from the cancellation of the Male airport contract in the island nation of Maldives, which it used to run, to the non-availability of natural gas to operate power plants.
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