GMR Group on Friday said it will divest its entire 40 per cent stake in Cebu international airport in Philippines for an upfront payment of Rs 1,330 crore as well as earnouts to be received over a period of more than four years. The airport is being operated by GMR-Megawide Cebu Airport Corporation (GMCAC) and GMR Airports International BV (GAIBV) holds a 40 per cent stake in the venture. A definitive agreement has been signed between GMR Airports International BV (GAIBV) and Aboitiz InfraCapital Inc (AIC) for the divestment of stake in Cebu airport.
Spanning 555 km, the project was to cost Rs 7,500 crore.
Last year, the Philippine government had invited bids to upgrade the Mactan-Cebu International Airport, the country's second busiest airport.
Infra major GMR is hopeful of maintaining strong order book.
GMR Infrastructure, the Bangalore-based developer of power plant, airports, roads and urban infrastructure, is understood to be closing in on its second coal mine acquisition in Indonesia. The mine is expected to cost close to $150 million and has reserves of close to 200 million tonne.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Sources said GMR could be the first major Indian corporate to engage multiple auditors. GMR will also rotate the auditors at periodic intervals. The length of the rotation period shall be decided by the company board, based on the recommendation of the audit committee. GMR will also employ the services of reputed audit firms for specific assignments of audit as may be decided by the company's board from time to time on the recommendation of the audit committee.
The present offer is a third of Homeland Mining's initial valuation. GMR Energy, a part of GMR Infrastructure, had valued this coal mining firm at $310 million when it acquired a small stake in April 2008. "In our due diligence, we have found out that we had valued this firm much higher based on various factors such as how many layers one has to mine to access the worthwhile coal," a GMR Group official said.
The Tamil Nadu government on Monday entered into a joint venture with Hyderabad-based GMR Infrastructure Ltd to set up a multi-product Special Economic Zone in the state's Krishnagiri district at a cost of Rs 2,300 crore (Rs 23 billion).
GMR Energy, the holding company of GMR group's power business, said on Tuesday it will set up a 1,000 MW coal-based power project in Chhattisgarh.
Mihir Tanna, Associate Director, S K Patodia & Associates, a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.
After GMR Infrastructure pulled out of the Ahmedabad-Kishangarh highway project, there were reports that delays in getting green clearance was one of the reasons behind the infrastructure firm's decision.
Indian firm skips midnight ceremony Maldives terms takeover a victory for its people.
The ongoing dispute between the Indian company GMR Infrastructure and the Maldives government over the former's contract to build an airport for the Maldives' capital, Male, throws up some knotty questions.
It claims that the Male Airport contract is "non-reversible and non-negotiable".
A court warrant in India against billionaire Vijay Mallya over his airline business has no repercussions for his Force India Formula One team, deputy principal Bob Fernley said on Sunday.
The company also needs to get its power plants going if it wants to reduce its debt burden.
Anti-corruption-activist-turned -politician Arvind Kejriwal has emerged as the 'new theme' for stock market traders.
Maldives has refused to abide by a Singapore court decision that stayed the termination of GMR contract, and has said it will go ahead with its decision to takeover the airport by Friday.
According to senior officials of the National Highways Authority of India, this project is part of a larger 245-km highway development project connecting Hyderabad and Solapur.
GMR Infrastructure, which manages two airports in India, at Delhi and Hyderabad, seems hungry for more.
Bangalore-based infra major GMR Infrastructure Ltd has completed divestment of 50 per cent stake in global power generation company InterGen to China Huaneng Group (CHG), said the company.
GM Rao has been quite active in philanthropic activities for quite some time through GMR Varalakshmi Foundation.
GMR Infrastructure on Tuesday said it plans to raise Rs 50 billion (Rs 5,000 crore) by selling shares in domestic as well as international markets.
Following Hyderabad-based GMR Infrastructure's successful bid for the new Istanbul airport and DS Construction's acquisition of energy company Globeleq's US assets, many mid-size infrastructure companies are planning to venture overseas.
To this end, the group is consolidating its global assets under GMR Infrastructure International (registered in the Isle of Man) for a public issue in London, according to an executive who did not wish to be identified, in a move that largely replicates what metals behemoth Vedanta did six years ago.
More than 50 companies had rushed to make qualified institutional placements after real estate firms like Unitech and Indiabulls raised money through this route. Now it appears that only some of these companies may be able to raise equity through this route, on rising concerns over valuations and over-supply.
'GMR Group today signed an agreement with the international power producer InterGen to acquire its 100 per cent ownership stake in Island Power,' GMR Infra said in a filing to the Bombay Stock Exchange. Island Power is currently developing an 800 MW power facility in Singapore. The project would bring in about $1.5 billion (Rs 72 billion) foreign direct investment in the country.
R-Infra quoted Rs 42-crore (Rs 420-million) premium over the bids of rival companies such as GVK Power and Infrastructure Limited, GMR Infrastructure, B Sennaih and C&C, JMC Srei and Sadhbhav, sources told Business Standard.
India story, pressure to invest are driving spurt in PE activity.
The move is aimed at securing coal supply to its proposed 1,500 mega watt plant in the western coast. The company is looking for locations in Maharashtra and Gujarat for the plant. The infrastructure firm has paid half of the acquisition amount upfront and the balance will be paid after commercial production begins two years from now. Coal from the mine would be shipped to the new plant during the time of power generation.
The Singapore government-controlled Temasek Holdings, which controls over 90 per cent of power generation and distribution in Singapore, will soon call for bids to privatise the two companies. The Indian companies are exploring various options to bid for these assets, said sources familar with the developments. Spokespersons of both Reliance Power and GMR Infrastructure declined to comment.
The company, which is bidding for 16 road projects worth Rs 10,000 crore (Rs 100 billion) this year from the National Highways Authority of India under the public-private-partnership model, intends to invest the money in the form of equity to set up special purpose vehicles to execute new road projects.
The consortium beat six others at an auction on Thursday
From handling a jute mill to doing global infrastructure projects, Rao has come a long way.
Delhi International Airport (P) Ltd will appoint US-based Parsons Brinkerhoff International Inc as project management consultant for the Delhi Airport Modernisation Project.
Infrastructure developer GMR Infrastructure said on Wednesday it has tied up with Plaza Premium Lounge of Hong Kong for maintaining and managing lounges at the New Hyderabad International Airport.
GMR Infrastructure, the co-developer of Delhi International Airport (DIAL) and Hyderabad International Airport (HIAL), is looking at bidding for privatisation of Prague airport in the second half of 2008, one of the more profitable state-run enterprises in East Europe.
In the largest acquisition of a global energy utility by an Indian company, GMR Infrastructure has bought 50 per cent in the Netherlands-based power generation company, InterGen NV for $1.1 billion (approximately Rs 4,694 crore).
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