Pranesh Properties becomes subsidiary of GMR Infrastructure

11 Aug 2011

GMR Infrastructure has incorporated Pranesh Properties as a subsidiary of the company in accordance with the provisions of the Companies Act, 1956. Recently, GMR Infrastructure’s subsidiary - GMR Energy (Singapore) had achieved financial closure on its flagship 800 MW combined cycle project at Jurong Island, Singapore. The financing package comprises S$670million of a term loan facility and a $270million credit and working capital facility with a tenor of 17 years.

GMR infrastructure’s business activities involve development of various infrastructure projects in power, airport and SEZ segments. The company reported a net profit of Rs 24.49 crore for the quarter ended June 30, 2011 as compared to a net loss of Rs 6.96 crore for the corresponding quarter last year. Its total income has soared 243.42% at Rs 267.94 crore for the quarter under review from Rs 78.02 crore for the same quarter last year.

On consolidated basis, the Group has posted a net loss after tax and minority interest and share of profit from associates of Rs 66.69 crore as compared to a net profit of Rs 28.44 crore for the quarter ended June 30, 2010. Its total Income has increased by 46.28% at Rs 1944.74 crore for the quarter under review as compared to Rs 1329.48 crore for the similar quarter of the previous year.

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