Nimesh Kampani of JM Morgan Stanley believes that a good quality IPO would always get a response from investors.
'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.
GMR Infra's exit from this project, expected this year, will mark the company's waning global presence after a very aggressive expansion.
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.
Asset sales have helped ease investors' worry but debt remains at alarming levels
GMR Infrastructure, which manages two airports in India, at Delhi and Hyderabad, seems hungry for more.
GMR Infrastructure, which owns more than 900 acres in Delhi and Hyderabad airports, is planning to raise Rs 3,000 crore (Rs 30 billion) through land securitisation.
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 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.
Kiran Kumar Grandhi, 38, was earlier in charge of the urban infrastructure and highways business, which contributes five per cent of the Rs 10,000-crore revenue of GMR Infra.
Bengaluru-based GMR Infrastructure bought 50 per cent of InterGen in 2008 for USD 1.1 billion from a fund owned by American International Group Inc.
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.
25% each in the holding company to give them indirect control of 17.5% each in GMR Infra
L&T IDPL, Gammon, IL&FS in race for Rs 21,147-cr Mumbai elevated rail corridor
Did GMR Infra get a sweet deal from former Maldivian president that turned sour as a new government came to power?
GMR Infra, a publicly held firm that manages the Delhi international airport, is set to kickstart the second phase of monetisation of its 230-acre land parcel near the airport.
At present, the Mactan Cebu International Airport can handle seven million passengers a year
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.
Infra major GMR is hopeful of maintaining strong order book.
20 new industrial clusters will be developed in 2014-15.
GMR Group is currently investing Rs 20,000 crore to expand the existing airports and developing new aerodromes, GM Rao, chairman of the infra major has said. "Airport Development and Construction: GMR Group has set benchmarks for development of world class Airport infrastructure... Your company is currently investing approximately Rs 20,000 crore to expand the existing airports and develop new Aairports," he said in the group's latest annual report. GMR's airport business comprises four operating airports - Indira Gandhi International Airport, Delhi, Rajiv Gandhi International Airport, Hyderabad, Bidar Airport at Karnataka and Mactan Cebu International Airport in the Philippines.
Transcript of the market chat held on January 17.
The expansion of the terminal is expected to raise the annual passenger capacity of the airport to 12.5 million.
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.
GMR Male' International Airport Private Limited (GMIAL), a subsidiary of GMR Infrastructure Limited (GMR), has claimed $803 million (around Rs 4,987 crore) from the Maldivian government for 'wrongfully' terminating the international airport contract in that country's capital.
Combined debt-equity ratio of top companies declines but interest expenses outgrow profits.
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.
Bhogapuram international airport, Ramayapatnam and Bandar ports, the Muktyala lift irrigation scheme and a bridge across the Krishna river are some of the projects likely to be hit.
GMR, Tata, Jindal will set up hydro projects in Nepal, sell power to India.
The latest to join the list of projects that have achieved financial closure are two power projects -- 1,050 Mw GMR Kamalanga Energy of GMR Energy coming up at Dhenkanal in Orissa and the second phase 300 Mw Rosa power project in Uttar Pradesh promoted by Reliance Power. Experts said financial closure for another Rs 100,000 crore worth of projects are likely to be achieved in this calendar year, mainly from the power and infrastructure sector.
More than 10% (40 of 498 companies) have lost at least half their market value.
Posting photos on Twitter, Piyush Goyal wrote, "Envisaging an enriched passenger experience with complete integration of different modes of transport, take a look at the future of New Delhi Railway Station."
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.
Experts say investors should be careful, as even a 50-100 bps cut in rates will not help such companies if their business is not doing well. Check what is the problem and consider
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
No one can fault India Inc for not taking care of shareholders; in fact, it has been extra generous.
M-cap of 35% of BSE-500 companies, excluding financial ones, is below their debt or just a shade above
Promoters' holding in private sector BSE 500 companies declined to 43.4% in Sept
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
An exercise to rationalise coal linkages which will optimize transport of coal and reduce cost of power is underway.
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