Aug 07, 2013, 10.14 AM | Source: CNBC-TV18
GMR Infra is keen to monetise assets at the right time to not only clean the balance sheet but to also re-deploy funds in ongoing projects.
GMR is also learnt to be in talks to exit from the Istanbul Sabiha Gokçen International Airport, which it manages in Turkey. In this project, the company holds 40 per cent stake, involving a capex of USD 550 million, since May 2008.
As per its latest asset-light asset- right' strategy, GMR is aiming to easing liquidity pressures in the company. With a debt of over Rs 30,000 crore, the company is keen to offload stake in assets it owns. In March this year, the company sold 70 percent stake in an energy venture in Singapore and this helped the company reduce debt by over Rs 2000 crore. It also sold 74 per cent stake in a highway project.
GMR had initiated the asset-light strategy during early 2012 as it was creaking under huge debt burden.
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