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The decision to appoint Grandhi as the MD of the Rs 10,000-crore infrastructure developer is a fallout of the move by the GMR Holdings Board to bring in Grandhi as the corporate chairman of the board, which will give him direct responsibilities over corporate strategies and finance, and hence the role of MD, as well.
B V N Rao, a close associate of G M Rao, will be made business chairman (urban infrastructure and highways) with responsibilities for highways, EPC division, special economic zone and GMR Varalakshmi Foundation, in addition to his current responsibilities for corporate affairs, legal and procurement. The highways and SEZ business contribute around five per cent to the Group’s revenues.
The move to bring in Grandhi, 38, as the corporate chairman of the holding board and MD of the GMR Infrastructure comes at a time when the company is grappling with high leverage of 3.7 times, under a debt of close to Rs 40,000 crore.
The company, which manages its flagship Delhi International Airport, besides a clutch of power projects and highways, has been looking to exit some of its assets. Grandhi, who has been with GMR Group since 1996, was one of the key personnel to oversee GMR’s flagship project and expansion of Delhi International Airport, including the landmark Terminal-3 project.
KIRAN KUMAR GRANDHI'S ACHIEVEMENTS
* Played a key role in the development of Terminal 3 project at Delhi International Airport
* Instrumental in bagging two international projects for the group — Sabiha Gokcen International Airport in Istanbul, Turkey, and Ibrahim Nasir International Airport in Maldives
* Led the development (from bidding to commissioning) of India’s first private-public partnership airport project in Hyderabad
