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GVK Power in talks to offload its airport business for Rs 2,500 crore

13 Aug 2013 Evaluate

In a bid to remove its debt burden, GVK Power & Infrastructure is in talks to sell stake in its airport business and expecting the deal to be closed before September. At least five parties have shown interest in picking up stake in the company’s airport vertical. Those in the fray include Changi of Singapore, three other strategic investors and a financial investor.

With the divestment, the company will be able to raise about Rs 2,500 crore. The company has total debt of about Rs 18,000 crore and this includes commitments of about Rs 3,000 crore at the holding company level. Rest is on the special purpose vehicles.

GVK Power & Infrastructure is engaged in infrastructure development in areas of power, airports and roads.

GVK Power & Infra Share Price

2.86 0.05 (1.78%)
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