GMR Highways said on Tuesday that it has decided to divest its 74 per cent stake in GMR Ulundurpet Expressways (GUEL) to India Infrastructure Fund of IDFC for Rs 222 crore, a move that is aimed at reducing its debt.
In a statement, it said that this is the second divestment in its roads portfolio in six months. The project stretches 73 km, from Tindivanam to Ulundurpet on NH-45 in Tamil Nadu and commenced commercial operations in July 2009.
The CFO of GMR group, Madhu Terdal said, “Divestment of this asset will also reduce the debt as on August 31, 2013, by about Rs. 459 crores on a fully consolidated basis, in addition to infusing equity funds of Rs.222 crores.”
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