GMR DIVEST­MENT TO RE­LEASE R3,500 CR

The Financial Express - - FRONT PAGE - Fe Bureau

THE divest­ment of Turk­ish and Sin­ga­pore as­sets by GMR Group is es­ti­mated to re­lease around R3,500 crore of cap­i­tal and re­duce R5,000 crore of debt, GMR said on Mon­day, re­ports fe Bureau in

Mum­bai. “We at GMR Group con­tinue to fo­cus on cre­at­ing liq­uid­ity and en­hance value by ef­fec­tive port­fo­lio man­age­ment un­der our as­set light, as­set right strat­egy,” GMR Group chair­man GM Rao said.

Mum­bai, Dec 30: The divest­ment of Turk­ish and Sin­ga­pore as­sets by GMR Group is es­ti­mated to re­lease around R3,500 crore of cap­i­tal, si­mul­ta­ne­ously re­duc­ing an es­ti­mated R5,000 crore of debt, GMR said on Mon­day.

GMR Group had on De­cem­ber 23 signed a de­fin­i­tive agree­ment with Malaysian Air­ports Hold­ing Ber­hard (MAHB) to di­vest its 40% eq­uity stake in Is­tan­bul Sabiha Gökçen and LGMTourism for euro 225 mil­lion ( R1,910 crore).

In the case of the Turk­ish air­port, de­fin­i­tive agree­ments have been signed — sub­se­quent to the ex­er­cise of right of first re­fusal by MAHB un­der the ex­ist­ing share­hold­ers agree­ment of ISG — on De­cem­ber 23, 2013.

The trans­ac­tion is, how­ever, “sub­ject to cus­tom­ary clos­ing con­di­tions in­clud­ing the ap­proval of the Turk­ish gov­ern­ment and the project lenders to ISG”, the com­pany added.

“We at GMR Group con­tinue to fo­cus on cre­at­ing liq­uid­ity and en­hance value by ef­fec­tive port­fo­lio man­age­ment un­der our ALAR (as­set light as­set right) Strat­egy,” GMR Group chair­man GM Rao said.

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