GMR Power and Urban Infra’s (GPUIL) stepdown subsidiary -- GMR Coal Resources (GCRPL) has entered into definitive agreements to divest the 30% equity stake it holds in PT Golden Energy Mines Tbk (PT GEMS) to PT Radhika Jananta Raya (Purchaser) a subsidiary of PT ABM Investama Tbk (ABM), following a competitive bidding process.
On closing, GCRPL will receive a gross consideration of $420 million. Further, GCRPL will also receive a deferred consideration based on mutually agreed milestones. The transaction is subject to customary approvals as applicable. This divestment reiterates GMR Group's strategy of focusing on its core infrastructure business and exiting non-core businesses.
GMR Power and Urban Infra, a subsidiary of GEPL holds expertise in the sectors of Energy, Urban Infrastructure and Transportation.
