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GMR Infrastructure’s arm allots 30% stake to TNB for $300 million

05 Nov 2016 Evaluate

GMR Infrastructure’s (GIL) subsidiary - GMR Energy (GEL), has allotted its 30% stake to Tenaga Nasional Berhad, Malaysia (TNB) for a cash consideration of $300 million, implying an equity value of $1 billion (approximately Rs 6,665 crore). Earlier, GEL and TNB had announced this strategic partnership in May 2016 and the allotment of shares marks the completion of this landmark transaction in the Power sector.

Through this investment, GMR Infrastructure continues to reduce its corporate debt on an ongoing basis thus strengthening its balance sheet, attract foreign capital (both equity and debt), and demonstrate the strength of its underlying businesses and its attractiveness to various stakeholders.

GEL now has a diversified portfolio of coal based, gas based and renewable (Hydro & Solar) power assets having total capacity of 4,630 MW. The portfolio comprises of operating capacity of 2,300 MW and pipeline capacity of 2,330 MW.

GMR Infrastructure is an infrastructure holding company of GMR Group. It undertakes the development of the infrastructure projects including airports, energy, highways, urban infrastructure other projects through its various subsidiaries.

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