GMR Infra may infuse Rs 3,000 cr to part fund projects

GMR Infrastructure may pump in Rs 3,000 crore equity investments to part fund it's road and power projects in the next two years, according to a senior official of GMR Group.

The investments will be made into three road and four power projects, the official said.

"The company will have to invest around Rs 2,800 crore as its equity contribution for the four power projects, including 768 Mw project at Vemagiri with an investment of Rs 3,250 crore, 600 Mw Emco project with Rs 3,480 crore, 1,400 Mw project at Kamalanga in Orissa of Rs 6,460 crore and 1,370Mw project in Chattisgarh with an estimated investment of Rs 8,290 crore," the official said.

The three road projects required Rs 650 crore of equity investment and the company has already invested around Rs 450 crore. The Group recently raised funds from QIP and private equity and is expecting $150 million of private equity funds by June-end.

The Group received around $200 million on recently concluded divesting of InterGen stake and got another $200 million of private equity for aviation business recently.

GMR Infra has suffered a net loss of Rs 929.6 crore in FY11, due to a one time loss from the sale of its investment in the US-based power firm InterGen NV coupled with higher costs and losses at Delhi airport.

The company reported a growth of 26% in net revenue to Rs 5,773.8 crore and 14% rise in EDITDA (earnings before interest, tax, depreciation and amortisation) at Rs 1,555.5 crore for the year.

"The progress of implementation of all the projects across all the sectors is on schedule. The operations of all the assets continue to be encouraging," GMR Group Chairman GM Rao said in a statement.

"Though the divestment of Intergen has resulted in a one time and non-recurring loss of Rs 939 crore, it has released an equity capital of Rs 958 crore and would enable us to reinforce our focus and resources on more profitable Indian Assets. We would continue to emerge stronger," he added.