R-Infra monetisation strategy paid off but did it help similar companies?

A larger question rises on post-sale of certain assets, is there enough cash flow left to service the remaining debt and capital expenditure of these companies

Last week, Anil Ambani spelt out the road ahead for his Reliance Infrastructure (R-Infra), heralding an end to its asset monetisation strategy. The group had adopted an asset-light model to deal with a debt overload, as had GMR Infrastructure, GVK Power & Infrastructure and Lanco Infratech, among others.

The story line has been typical. It began with a capital-heavy expansion plan, followed by huge debt and not necessarily higher profits. Larsen & Toubro and IL&FS Transportation Networks also experimented with this model but the results have been different for each. GVK and GMR managed to reduce debt and operate a leaner