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| Edited By: G Seetharaman |Source: DNA |Updated: Mar 16, 2018, 05:45 AM IST
The GMR group plans to raise Rs 7,500 crore over the next three fiscals, its chief financial officer A Subba Rao said. The group, which has operations in energy, highways, airports and urban infrastructure, had earlier been reported to be looking at listing its global holding company, GMR Infrastructure International, in London and GMR Energy in India.
“We plan to raise Rs 1,500 crore each through GMR Energy and GMR Infrastructure International,” Rao said. The group has a debt of Rs 12,945 crore, excluding the debt of The Netherlands-based InterGen in which GMR Infrastructure holds a 50% stake. The group has cash reserves of Rs 2,500 crore.
Rao said the company plans to tie up over Rs 10,725 crore for its three power projects by January. These include a 1200 mw plant in Raipur and a 600 mw project in Chandrapur, Maharashtra at cost of Rs 5,400 crore and Rs 3,101 crore, respectively.
The Chandrapur project came into the GMR fold when the firm acquired Emco Energy in July. Financial closure for the project is to be achieved in two phases, one in December and the other in January. The Raipur plant, with Rs 4,050 crore as debt and Rs 1,350 crore as equity, saw an investment of Rs 69 crore till June.
“The third project for which we will achieve financial closure by December is a 740 mw expansion at our Vemagiri plant in Andhra Pradesh,” Rao said. The project cost is Rs 2,224 crore, with a debt component of Rs 1,668 crore and equity of Rs 556 crore.
Vemagiri already has a capacity of 388 mw and began operation last December.
The new Vemagiri capacity and the Chandrapur plant are expected to be commissioned in 2012 while the Raipur plant would come onstream in 2013. GMR currently generates 823 mw through three projects and has 6,800 mw under development.
Meanwhile, GMR is inaugurating its airport in Istanbul, Turkey on October 31, G M Rao, group chairman, said at an analyst meet. The Sabiha Gocken International Airport is the third airport being developed by GMR Infrastructure, the other two being in Delhi and Hyderabad. “The Istanbul airport currently handles six million passengers and will handle 25 million by October,” Rao said. The 451 million euro project has a concession period of 20 years which began in May 2008.
