GVKPIL in talks to sell Deoli-Kota road asset

GVK Power and Infrastructure (GVKPIL) is in talks with a “large infrastructure company” to sell its one of its road asset which is DeoliKota project in Rajasthan. The company has already initiated talks with investment bankers and consultants to oversee the selloff process, GVK Reddy, chairman, told shareholders during its AGM held on Friday. Reddy said the management’s focus is to bring down the debt of the company, particularly at the holding company level. Earlier this year, GVK had sold 33% stake in Bangalore International Airport Limited (BIAL) to its existing partner Prem Watsaheaded Fairfax Holding for R2,169 crore.