You are here: Home » Companies » News
Business Standard

GMR Group plans to sell assets, refinance loans to cut debt and expand biz

It is also planning an initial public offering for GMR Energy

Reuters  |  New Delhi 

GMR Group plans to sell assets, refinance loans to cut debt and expand biz

Indian conglomerate Group plans to sell roads, power and airport assets and refinance its loans to help reduce and expand its business, its chief financial officer said on Friday.

Saddled with Rs 20,000 crore ($3.10 billion) in debt, is exploring various options including raising Rs 500-600 crore by monetising its road assets and Rs 1,000-1,200 crore by selling land or coal mines in Indonesia, Chief Financial Officer Madhu Terdal told reporters at a briefing.

Terdal said the group was also looking at refinancing held by subsidiaries. It is also planning an initial public offering for Energy.

GMR's has restricted its ability to raise money to fund expansion as India's infrastructure sector continues to reel from piled up over the previous decade.

The group has already sold part of its power transmission business and lenders converted part of their into equity in two of GMR's power plants last year.

RECOMMENDED FOR YOU