Dealing with debt: After debt reduction, GVK banking on MIAL

In the last of a four-part series, Business Standard looks at how the conglomerate grappled with debt while facing insolvency

The GVK group, which had emerged as one of India's leading infrastructure players, had Rs 36,000 crore debt on its books on March 31, 2017, primarily because of several large projects under its belt. Over 62 per cent of this debt, amounting to Rs 22,395 crore, is linked to projects. 

GVK’s infrastructure portfolio included the Mumbai and Bengaluru airports, three highway projects, 5,900 Mw of power plants, and the $1.26-billion acquisition of Hancock coal and infrastructure projects in Australia. The majority of this debt was on the books of the public arm GVK Power and Infrastructure.

GVK had over-leveraged itself