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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 

Indian conglomerate GMR Group plans to sell roads, power and airport assets and refinance its loans to help reduce debt and expand its business, its chief financial officer said on Friday. Saddled with Rs 20,000 crore ($3.10 billion) in debt, GMR 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 debt held by subsidiaries. It is also planning an ...

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First Published: Fri, June 02 2017. 17:18 IST