Gammon Infrastructure Projects Limited (GIPL) has decided to divest its entire stake in nine infrastructure projects to BIF India Holdings Pte Limited, jointly held by Brookfield Asset Management and its affiliates and Core Infrastructure India Fund Pte Limited. The transaction comes within days of the government allowing highways developers to divest 100 per cent equity in projects two years after their completion in order to unlock capital and make funds available for investment.
´The total project cost at completion of the asset basket is estimated to be about Rs 6,750 crore (Rs 2,935 crore of six operational projects and Rs 3,815 crore for remaining three projects) of which Rs 3,097 crore has been capitalised till March 31, 2015. The outstanding debt as on March 31, 2015 for these projects is Rs 1,718 crore and the net exposure of GIPL in the asset basket is Rs 415 crore,´ GIPL said in a statement.
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