GVK Power & Infrastructure is reportedly looking to divest a minority holding in its Australian unit - GVK Hancock. The company is taking this step in order to raise funds to retire part of its debt and fund operations. The company has hired Citigroup and Macquarie to raise funds between $300 million and $500 million.
Recently, GVK Power & Infrastructure’s group company-GVK- in order to raise funds for its Australian projects planned to offload a 20% stake in its Singapore subsidiary- GVK Coal Developers. However, the group planned to retain the majority in the Singapore firm.
GVK Power & Infrastructure is engaged in infrastructure development in areas of power, airports and roads. Incorporated in 1994, the company till date has invested over Rs 5,000 crore in infrastructure projects.
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