GMR Infra likely to sell stake in energy subsidiary

Debt-laden GMR Infrastructure may soon get the much needed fund infusion in its power business—GMR Energy— to repay its lenders. CNBC-TV18 learns that a foreign strategic investor is close to picking a minority stake of 30 percent in GMR Energy for Rs 1,500 crore through fresh equity issuance.

GMR Energy has net assets having a capacity of 4,000 megawatt (MW).Sources with direct knowledge of the deal say Malaysian electric utility company Tenaga Nasional Berhad is expected to be the front-runner for the deal. In addition, Malakoff Corporation Berhad, may also be in the running. GMR Infrastructure has a debt of over Rs 40,000 crore.In response to CNBC-TV18's query, GMR Infrastructure has denied any such development.