GMR Infrastructure’s subsidiary -- GMR Energy (GEL) has signed definitive agreements for the sale of its entire stake in GMR Kamalanga Energy (GKEL). GEL shall also procure balance stake in GKEL from IIF and IDFC First Bank, to enable JSW Energy (JSWEL) acquire 100% stake in GKEL, for a total consideration of an amount up to Rs 5,321 crore.
GEL and JSWEL had entered exclusive discussions on GKEL in October 2019. Through this divestment, the entire debt of GKEL of Rs 4141 crore will be reduced. The transaction shall be subject to customary regulatory and other approvals for its completion.
GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.
Company Name | CMP |
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Dreamfolks Services | 529.75 |
GMR Airports Infra. | 82.70 |
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