GMR Group plans to raise $1 billion as it eyes turnaround

The company plans to cut debts, repay investors in its airports business and prepare for a new phase of growth

Infrastructure firm GMR Group plans to raise at least $1 billion over the next two years to help cut debt, repay investors in its airports business and prepare for a new phase of growth, its chief financial officer said on Monday.

"It will be partly used to repay debt. We may also grow into the renewables space, or look at a small expansion into our existing energy business," Madhu Terdal told Reuters in a telephone interview. "We are now in the turnaround phase."

GMR, which has a net debt of 410 billion rupees ($6.15 billion), has also held preliminary talks with investors about stake sales in its airports and energy businesses but is "not in a hurry" to sell and talks are not at an advanced stage, Terdal said.

($1 = 66.6500 Indian rupees)