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GMR Group successfully concludes divestment of GMR Ulundurpet Expressways

18 Feb 2014 Evaluate

GMR Group has successfully completed the divestment of its majority stake (74%) in GMR Ulundurpet Expressways (GUEPL) to India Infrastructure Fund (IIF). IIF has earlier emerged as the successful bidder, in buying majority stake in GUEPL, which attracted strong interest from several major investors in India and abroad. GMR and IIF had signed a definitive agreement on September 17, 2013 and the transaction was concluded on February 17, 2014, upon receipt of all necessary approvals, and realization of sales proceeds amounting to Rs 220 crore.

The divestment of this stake releases capital amounting to Rs 198.75 crore and reduces the debt to the extent of Rs 450.67 crore from the consolidated balance sheet of GMR Group. This is the second major divestment in GMR's Highways portfolio during this year.

GUEPL operates the Highway stretch of about 73 km, from Tindivanam to Ulundurpet on National Highway No. 45 from July 2009, which is to the south of Chennai in Tamil Nadu.

GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. The company has 14 power generation assets of which 8 are operational and 6 are under various stages of development and 8 Road assets, of which 7 are operational and one is under construction.

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96.87 0.11 (0.11%)
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