Infrastructure major GMR Infra today tanked 12 percent after reports that the company will be selling few of its assets. CNBC-TV18’s Aastha Mahshwari reports the company will be selling four road toll projects between Hyderabad and Vijaywada in Andhra Pradesh.
The company is expecting a good valuation for these road projects and is also expecting to raise around Rs 1,500 crore through the same. The company was in talks with some buyers like SBI Macquarie, ICICI Venture and Morgan Stanley for a couple of months. But now, Malaysian sovereign fund Khazanah is likely to emerge as a frontrunner to bag this deal. ICICI Venture has backed out is and Khazanah will also be looking at buying this through their joint venture (JV), which they have with IDFC.
In addition to this, the company is also looking at selling minority stake in their Turkish airport. So clearly there are some immediate plans that GMR has drawn up to reduce its current net debt of around Rs 33,000 crore.
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