GMR divests majority stake in GUEL

In line with GMR Group’s Asset Right and Asset Light Strategy, GMR Highways has signed a definitive agreement with India Infrastructure Fund (IIF) to divest 74 per cent stake in GMR Ulundurpet Expressways (GUEL). The transaction is subject to closing conditions customary to such transactions. IIF emerged as successful bidder in buying majority stake in GUEL, which attracted strong interest from several major investors from India and abroad. This is a second major divestment in GMR’s roads portfolio in less than six months. GUEL operates the highway stretch of about 73 km, from Tindivanam to Ulundurpet on National Highway 45 in Tamil Nadu. The project commenced commercial operations in July 2009.