GMR Infra slips after divesting coal-mining assets in South Africa

The announcement was made on Wednesday, 27 March 2013.

Meanwhile, the BSE Sensex was down 57.90 points, or 0.31%, to 18,646.63.

On BSE, 1.66 lakh shares were traded in the counter as against an average daily volume of 12.49 lakh shares in the past one quarter.

The stock hit a high of Rs 21 and a low of Rs 20.55 so far during the day. The stock had hit a 52-week high of Rs 31.90 on 2 April 2012. The stock had hit a record low of Rs 16.75 on 29 November 2012.

The stock had outperformed the market over the past one month till 26 March 2013, rising 14.84% compared with the Sensex's 1.63% fall. The scrip had also outperformed the market in past one quarter, rising 11.76% as against Sensex's 3.67% fall.

The mid-cap company has an equity capital of Rs 389.24 crore. Face value per share is Re 1.

GMR Infrastructure announced that Homeland Mining and Energy SA (HMESA), a wholly-owned subsidiary of Homeland Energy Group, a company listed in Canada (HEG), in which GMR Energy has a majority shareholding, has entered into an agreement to divest its 50% equity interest in Tshedza Mining Resource, which holds the license to develop Eloff mines.

The purchaser of the Homeland's interest in the Eloff mines is the company's current BEE partner, who already holds a 50% interest in the property. The consummation of transaction is subject to receipt of statutory approvals in South Africa, GMR Infrastructure said in a statement.

HMESA has also entered into an agreement for the sale of its entire shareholding of Ferret Coal (Kendal). The transaction will be subject to receipt of statutory approvals and HEG Shareholders approval. The Kendal mine is an operating mine and sells coal in domestic market while the Eloff mine is under development stage, the company added.

Last week, GMR Infra announced that the first 300 megawatts unit of GMR Emco Energy has commenced commercial generation of power. The GMR Group is establishing a 2X300 MW coal-based power project at Warora in Chandrapur District, near Nagpur. This is the Group's first coal-based power plant to commence commercial generation. The entire production is committed against Power Purchase Agreements, which have already been signed, GMR Infra said in a statement.

The 300 MW unit was synchronized with the grid on 10 December 2012. Power generated from the plant is being evacuated to Bhadravati sub-station of Power Grid Corporation of India (PGCIL). Work on commissioning the second 300 MW unit is in advanced stages and will be commissioned in the first half of FY 2014, GMR Infra said in a statement.

On a consolidated basis, GMR Infrastructure reported consolidated net loss of Rs 217 crore in Q3 December 2012, higher than net loss of Rs 108 crore in Q3 December 2011. Net sales rose 7.8% to Rs 2356.30 crore in Q3 December 2012 over Q3 December 2011.

Bengaluru-based GMR Infrastructure is a global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The company has 17 power generation assets of which 6 are operational and 11 are under various stages of implementation and 9 Road assets, of which 8 are operational and 1 is under construction. In the Airports sector, it has developed and commissioned the Greenfield International Airport at Hyderabad. The company, besides operating the existing Delhi International Airport, has also built a brand new integrated terminal T3 which was commissioned in time for the Commonwealth Games in October 2010. It has also upgraded and is operating the Istanbul Sabiha Gn International Airport.

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