GMR Infra mulls to consolidate its several units
On Friday, GMR Infrastructure specified its plans to consolidate its several units for roads business under a separate holding company in order to raise funds for projects.
With six road projects worth Rs 44 billion, the firm hopes to win another highway project worth Rs 12 billion, Subbarao A.
A group chief financial official specified, "The diversified infrastructure firm has set aside a war-chest of Rs 25-27 billion for equity investments for the next 18 months in current projects."
Subbarao forwarded that there is a need for GMR Infra to invest another Rs 55-60 billion over 3-3.5 years towards equity contribution for its four ongoing power projects, while it has already invested Rs 16 billion
The firm is looking into several means to pump funds to meet the rest of the equity requirements.
The official confirmed, "The firm expects to rope in partners for the health port and commercial ports at its 5,450 acres land in Hyderabad as part of the bigger Aerotropolis project in the quarter ending March."
The Bangalore-based firm, earlier this day, saw its consolidated net-profit plunging 85% to Rs 92 million on the net sales of Rs 10.67 billion.
In a firm Mumbai market, shares of the firm closed down 1.72%.
