Bangalore-based GMR Infra has written off Rs 453 crore on two of its global assets in coal mines and airports. The company wrote off Rs 251 crore for impairment of assets in its South Africa-based coal mine subsidiary Homeland Energy Group and the remaining Rs 202 crore after it lost the Male airport project.
For the past six months, GMR as part of its 'asset light, asset right' strategy, has been aggressively selling assets including 74% stake in a highway project besides the power project in Singapore. Recently, the company was reportedly in talks with potential investors to raise Rs 1,800 crore by selling stake in four of its toll road assets. The company is planning to raise as much as Rs 5,000 crore during FY14 by lightening assets.
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