Debt-hit GMR to sell coal assets

GMR Infrastructure Ltd is looking to monetise its nonairport businesses, including investments made in the coal sector, to bring down the debt of the company.

"We are exploring the possibility of monetising some of our other businesses, we could also look at monetising investment in the coal business," the management said in a post-earnings conference call with investors.

The company, through its subsidiary GMR Coal Resources Pte Ltd, Singapore, holds 30% equity stake in Indonesia's PT Golden Energy Mines.

With a focus on cutting debt, the company had earlier undertaken sale of its 51% stake in Kakinada SEZ Ltd to Aurobindo Realty and Infrastructure Pvt Ltd, held by subsidiary GMR SEZ and Port Holding Ltd for 26.10 bln rupees.

This also included 100% equity stake of Kakinada Gateway Port Ltd held by

Kakinada SEZ.

The management highlighted that the board of approval on special economic zone under the Ministry of Commerce has approved the transaction.

The proceeds of the same would be used to reduce debt. However, the company's consolidated debt as on December end rose to 252 bln rupees from 231 bln rupees from end of September. The management attributed the increase in net debt to capex at Delhi and Hyderabad airports.

MUMBAI: Vehicles without FASTag would have to to pay double the toll fee at electronic toll plazas across the country.

The government has made FASTags mandatory from February 15 midnight and any vehicle not fitted with it will be charged double the toll at electronic toll plazas across the country, the Ministry of Road Transport and Highways has said.

It has decided that all lanes in the fee plazas on National Highways shall be declared as 'FASTag lane of the fee plaza' from midnight of February 15-16, 2021.

"As per NH Fee Rules 2008, any vehicle not fitted with FASTag or vehicle without valid, functional FASTag entering into the FASTag lane of the fee plaza shall pay a fee equivalent to two times of the fee applicable to that category," the Ministry said.

This has been done to further promote fee payment through digital mode, reduce waiting time and fuel consumption, and provide for a seamless passage through the fee plazas.