GMR may exit part of its Nepal assets, reports CNBC-TV18, quoting sources. The company is right now assessing valuation of its Nepal assets, which could be in the range of Rs 1000 crore.
GMR has two large projects with 100 percent stake in Nepal. The project that they are currently looking at pulling out is the Upper Karnali project.
Currently, GMR Energy, GMR Infrastructure are co-developing and co-owning this project. They have roughly around 70-80 percent stake in this project.
Sources say GMR has initiated talks with buyers. The valuation is fairly substantial because the amount that they had put in into this project was roughly around Rs 450-500 crore and they are looking at least Rs 1,000 crore. Analysts say GMR will need to probably at some point need to temper its price down and bring it to around Rs 800 crore.
There is also news on GMR's road assets. It has been looking at consolidating its road assets as well. So amongst their road assets there is one sell which is likely to happen sometime. Sources say GMR has been looking at selling the Vijayawada and Hyderabad highway project since about eight-nine months.
CNBC-TV18 learns from sources Morgan Stanley Infrastructure Fund has emerged as a likely frontrunner to buy that out in valuations roughly around Rs 800-900 crore.
The overall debt of GMR currently stands at around Rs 40,000 crore. The Nepal fund raising is expected to bring them an interest saving of roughly around Rs 100 crore if they get the valuation that they are looking at. Even the road assets as a whole should bring in some amount of interest saving as well.
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