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GMR Group firms to divest 51% stake in road project JV in Karnataka

Through this deal, the group companies will be able to pay a debt of Rs 1,077.97 crore and increase their liquidity by Rs 85 crore.

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GMR Group firms have entered into an agreement with its partners to divest 51% stake in its joint venture (JV) running a road project in Karnataka.

GMR Group will be able to pay a debt of Rs 1,077.97 crore and enhance liquidity by Rs 85 crore through this deal.

"GMR Highways and GMR Infrastructure have signed a share purchase agreement with its joint venture partners to divest 51% stake in GMR OSE Hungund Hospet Highways Private Ltd (GOHHHPL)," reported the filling in BSE.

This is the third major divestment in GMR Group's road portfolio.

GOHHHPL operates National Highway Number 13, which is a 99 kilometres project in Karnataka. The project was bagged by GMR OSE consortium in 2010 on design, build, finance and transfer basis.  

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