Gammon India is all set to sell its civil engineering, procurement and construction (EPC) business to Thailand’s GP Group in a Rs 250 crore deal. GP will invest in tranches of Rs 26 crore and Rs 224 crore into Gammon Retail Infra, the group’s EPC arm, and reconstitute the latter’s board of directors.
The deal is expected to be completed in 12 months. In December last year, Gammon India had informed that its lenders would convert Rs 245 crore of debt to a 60.1 percent equity stake under the Strategic Debt Restructuring norms.
Gammon India provides engineering services and construction of services. It operates in plan, design and undertakes construction of roads, highways, bridges and other projects.
