Gayathri Projects looks to sell 50% stake in Andhra project

The market is abound with talks of Gayathri Projects selling its stake in its Andhra Pradesh project to Megha Engineers and Infrastructure. Gayathri holds 74% stake in the project and DLF holds 26%. The Andhra Pradesh project constitutes construction of 207 km highway and is worth Rs 2,200 crore. Sandeep Reddy, Managing Director of Gayatri Projects joins CNBC-TV18 to bring clarity to the issue.

Below is the verbatim transcript. Also watch the accompanying video. Q: Can you confirm for us whether you are indeed looking to sell stake and how much stake would you sell if at all?
A: We are looking at a strategic partner because, being a long stretch, we need some good local strength too. So we are considering, up to 50% of our stake, we want to sell. But nothing has fructified because we are still to get the permissions from the concerned authorities for this whole thing. Q: Have you applied to the Andhra Pradesh government for approval and which are the authority and when are you hoping that this will come through?
A: We have applied to the government, we are expecting (news) from them soon. As per the concession agreement, Gayatri and DLF are the original bidders for this project. So we would like to reduce our risk by taking a partner. That