Mar 05, 2013, 10.37 AM | Source: Reuters
GMR Group (GMRI.NS) said it would sell its 70 percent stake in the Island Power Project in Singapore to FPM Power Holdings for S$660 million.
The group will net a profit of Rs 1356 crore from the sale, which it will use in its domestic energy business where it is currently developing power projects totaling 5,790 megawatts, GMR said in a statement on Monday.
The gas-fired Island project is currently 96 percent complete and is expected to start operations by end-2013, GMR said. Malaysia's Petronas holds the remaining 30 percent in the project.
Shares in GMR rose nearly 4 percent in a weak Mumbai market ahead of the deal announcement.
The cash-strapped Indian group has been looking to divest stakes in non-core assets since last year. Last month it sold a majority stake in a road project in India. GMR Infrastructure , a unit of the group, held net debt of nearly $7 billion at end-December and posted a net loss for the December quarter.
GMR Infra stock price
On May 27, 2016, GMR Infrastructure closed at Rs 11.44, up Rs 0.06, or 0.53 percent. The 52-week high of the share was Rs 18.60 and the 52-week low was Rs 9.58.
The latest book value of the company is Rs 14.56 per share. At current value, the price-to-book value of the company was 0.79.
GMR Infrastructure | Raymond | Syndicate Bank | SR
GMR Infrastructure in a filing to the BSE said, "T
The Management Committee of GMR Infrastructure Li
GMR Infrastructure on Monday is likely to announce
According to the sources, six investors, both dome
HeidelbergCement India has reported a sales turnov
Medi-Caps has reported a sales turnover of Rs 6.77