GMR Infrastructure looks to sell stake in four road assets
GMR Infrastructure is in talks with potential investors to divest stake in four toll road assets. According to local sources, potential investors to acquire the road projects are Morgan Stanley Infrastructure Fund, Citigroup Venture Capita, SBI Macquarie and ICICI Ventures.
GMR Infrastructure has received expressions of interest (EoIs) from these prospective investors, said three senior industry official close to the transaction.
Theses are the assets which are offered for sale:
- Pochanpalli Expressways
- Ulundurpet Expressways
- Hyderabad-Vijaywada
- Hungund Hospet
GMR had invested about 900 crore (US$164.6 million) in the four assets. It has nine road assets, out of which eight are operational. GMR has recently sold 70% stake in Jadcherla Expressways for Rs 206 crore (US$37.7 million), translating into a 40% increase in its investment. Considering this as a benchmark, the company would raise Rs 1,260 crore (US$220 million) by selling stakes in the four toll road.
