GMR Infra to sell land, other non-core assets

New Delhi, Aug. 3: GMR Infrastructure is working on disinvestment of non-core assets, including land, and hopes to yield "significant value" even from 50 per cent of land monetisation, according to a document.

The airport-to-port conglomerate in an investor presentation said land at strategic industrial locations will benefit from the possible manufacturing dislocation from China.

"Plan is to divest large part of other assets identified as non-core divestment initiative," the document said and noted that it has 10,500 acres of port and industrial land and "even 50 per cent land monetisation" could yield significant value.

About its Kakinada Special Investment Region (SIR) in Andhra Pradesh, the group said that it is in discussion with a large number of clients for monetisation of land.

"Government of Andhra Pradesh signed MoUs with Haldia Petrochemicals Ltd to set up a refinery cum petrochem project in

2,500 acres and with HPCL-GAIL consortium for Petrochem complex in 2,000 acres land," it said and added that in addition, a pact has been inked with a stainless steel manufacturer for

500 acres and an Australian lithium refinery for 100 acre.

The port-based Kakinada SIR in the Krishna-Godavari basin has plans to set up an all weather multi-purpose deepwater port, a logistics park, a petrochemicals cluster and an ecoindustrial park, it said.

As per the document, an area of 4,650 acres there has been notified as SEZs and utility and environment approvals are in place.

In the Kakinada SEZ in Andhra Pradesh, however, the company has continued its efforts for various government approvals and technical studies and added that demand for industrial parks is expected to revive to pre-Covid-19 levels.

The group said infrastructure has not been much affected in the region due to Covid-19 as the company was able to re-mobilise and commence work quickly as workers were hailed from neighbouring areas and Hosur.

About the

SIR (Tamil

Krishnagiri Nadu), the company said infrastructure development in 275 acres is in progress with all approvals in place.

The company said it is leveraging locational advantage to create clusters in aerospace, automobile, logistics, engineering and electronics sectors besides setting up a special investment region in joint venture with Tamil Nadu Industrial Development Corporation (Tidco).

It said while the State Industries Promotion Corporation of Tamil Nadu (Sipcot) will acquire 500 acres for an industrial park, it has leased 20 acre to Toyota Boshuku for a manufacturing unit.

GMR Infrastructure’s consolidated net loss for the quarter ended March

31 narrowed to Rs

1,126.82 crore, as against Rs 2,341.24 crore loss in the January-March period in FY19.