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GMR Infra to bring all road units under one umbrella
GMR Infrastructure plans to consolidate its various units for roads business under a separate holding company to help raise funds for projects, the company said on Friday.
GMR Infrastructure plans to consolidate its various units for roads business under a separate holding company to help raise funds for projects, the company said on Friday.
The firm has six road projects worth Rs 44 billion and expects to win another highway project worth Rs 12 billion, Subbarao A, group chief financial officer said.
The diversified infrastructure firm has set aside a warchest of Rs 25-27 billion for equity investments for the next 18 months in current projects, he added.
GMR Infra needs 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, Subbarao said.
It is considering various means to raise funds to meet the rest of the equity requirements, he told analysts.
The firm expects to rope in partners for the health port and coommercial ports at its 5,450 acres (2,206 hectares) land in Hyderabad as part of the bigger Aerotropolis project in the quarter ending March, the officials said.
Earlier in the day, the Bangalore-based firm's consolidated net-profit slumped 85% to Rs 92 million on the net sales of Rs 10.67 billion.
Shares in the firm ended down 1.72% in a firm Mumbai market.
