GMR Infrastructure has signed a definitive agreement with Adani Power to sell its entire 47.62 percent stake in GMR Chhattisgarh Energy for an undisclosed amount -- its second asset sale since May and the third resolution in the troubled power sector outside the bankruptcy process.
This sale will bring down GMR Group's debt pile which stood at Rs 21,000 crore as of March 2019, of which GMR Chhattisgarh Energy had an outstanding debt of Rs 5,926 crore.
Adani Power is engaged in the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.
