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GMR Infrastructure Ltd Looks To Sell Stake In Four Road Assets To Raise INR1,800 Crore (INR18 Billion)-The Economic Times

Wednesday, 8 May 2013 08:26pm EDT 

The Economic Times reported that GMR Infrastructure Ltd is in talks with potential investors such as Morgan Stanley Infrastructure Fund, Citigroup Venture Capital, SBI Macquarie and ICICI Venture to divest stake in four toll road assets and raise about INR1,800 crore (INR18 billion) to cut debt. The infrastructure company, which builds airports, power projects and roads, has received expressions of interest (EoIs) from these prospective investors, said three senior industry official close to the transaction. Pochenpalli Expressways, Ulundurpet Expressways, Hyderabad-Vijaywada and Hungund Hospet are the assets which are offered for sale. The money raised will cut the debt pile-up in GMR Highways, the holding company for the road projects. GMR is also exploring the option of selling some of road assets in an initial public offering in Singapore to raise as much as $500 million. This plan will materialise only after it completes the sale of four assets and an overseas structure is created to enable a Singapore listing. 

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22 Aug 2014